Florida Short Sale Agents

Wellington Florida Short Sale Agents


When you are looking for a Wellington Short Sale agent to represent you in your short sale process you need to choose a Wellington Short Sale agent that has closed short sales in Wellington Florida or Palm Beach County or Broward County and Miami/Dade County properties.

Short sale questions that you can ask agents are:

  • How long have you been representing short sale sellers in Wellington Florida?
  • How many of your listings have you closed in the past 3 years?
  • Do you hire short sale companies to do the short sale processing or is it done in your office?
  • Who does your short sale processing and how much experience does he or she have?
  • Do you understand the short sale process and do you have any experience with my bank?
  • What do you do when you don’t get a response back from the bank?
  • What do you do if they turn down my short sale?
  • Do you conduct a thorough and confidential short sale evaluation?

Just because an agent has a certification from a short sale course or system that does not necessarily mean that they are proficient in negotiating short sales.

Look for an agent who has your back.

Wellington Florida short sale agents should not be order takes for the banks. They should be in your corner. We do not work for the banks and we do not work for the government. We work for you. To learn more about Wellington Short Sale agents read our articles on our Florida Short Sales Information and Foreclosure options site.


Wellington Short Sale Agents- Wellington Takes Action

The Village of Wellington and Royal Palm Beach have been meeting to discuss what to do about the foreclosures. While Wellington does not have that many bank owned properties for sale- that number is usually hovering around 50 at any given time that are available for sale- there have been about 300 homes that have been abandoned in our town of Wellington since 2008. As Wellington short sale agents we are also concerned about our home values and property preservation.

Wellington has strong code enforcement rules and has continued to pass more so this forces the banks to make sure that the properties that they do own are taken care of. If the property is not on the market and is still in the bank's ownership, what we call a Wellington REO, the bank must keep the lawns mowed, bushes trimmed, secure the property and more. Once the property is put on the market, the listing REO broker is responsible to keep the home maintained.

If you live in Wellington and know of a home in your neighborhood that has been abandoned please let us know or you can call the Village of Wellington code compliance and they will make sure the necessary steps are taken so you don't have an eye sore in your neighborhood.

The Village of Wellington will help take care of the homes. The goal is to make it look like someone is still living there. The Village of Wellington also buys the worst of the homes, makes the necessary improvements and then puts them back on the market to sell. This is of course taking a risk but one that is worth taking for the betterment of our community. Wellington is a beautiful home town that is very desirable to live in. We all want to keep it that way.


Wellington Short Sales| Palm Beach County Florida | Port St Lucie | Miami

Wellington Short Sale Agents Wellington Short Sale Services and Information - Nestor Gasset and Katerina Gasset bring you short sale facts and lay to rest the myths.

What is a Wellington short sale?

A short sale is when a homeowner owes more on their mortgage than what their home could sell for in their present market. It just may be the best solution for a homeowner who does not want to have a foreclosure against their credit. Below is a 13 part series with more information to help you through the short sale process. Some of the information has been updated as the rules change quite frequently with the short sale lenders.

Short Sales In Palm Beach County Florida

What You Need To Know If You are Buying Or Selling

Part 1

If you live here you most likely have heard about short sales in Palm Beach County Florida.

You may have heard about them from your friends down the street, the news media, your neighbor or even perhaps one of your family members. We will go through important information that you need to know before you buy or sell as a short sale in this series. This is part 1 of the series.

If you live here you most likely have heard about short sales in Palm Beach County Florida.

We will be going through some important matters regarding short sales in Palm Beach County Florida that you should understand whether you are buying or selling a short sale. In both instances, you must have patience.

We will be going through some important matters regarding short sales in Palm Beach County Florida that you should understand whether you are buying or selling a short sale. In both instances, you must have patience.

What is a short sale? A short sale is when the homeowner owes more to his/her lender than the market value of the property. For an example: You have a loan on your house for $500,000 but in today's market a buyer will only pay $350,000 based on the last properties that sold in this neighborhood. Well, no buyer will pay $500,000 for this house so the seller will have to ask his lender if they will take less for the note that he owes to them. If the lender says yes, than that is a short sale.

Just as there are many different lenders there are just as many different policies governing the short sale procedures. The lenders all have their own criteria of what short sales they will accept. Just because your house falls in this category does not mean that every house will be approved for a short sale.

The next thing to understand for both sellers and buyers is that a short sale does take time.

We have had some short sales in Palm Beach County that have taken as short as one month to others that have been taking over 3 months to just get to the person at the lender who can make that decision. It is not as simple as just sending some documents in and that is it. There are formulas and procedures that lenders use and as I said above not all lenders use the same ones.Some lenders outsource their short sales to a company that is proficient in the business of negotiating short sales. In these situations the lender gives the company a bottom line that they will accept, that is basically how much they are willing to lose to do the short sale.

And if you have mortgage insurance on your loan then the mortgage insurance company will also need to approve the short sale. What happens in this situation is that the mortgage insurance company will pay the lender the difference in the loss. Please be aware that many times the mortgage insurance company will want the seller to take back a note for some of the loss and pay some of that loss back to the mortgage insurance company.

The lender who you are sending your house payment to every month may own the note or they may just be a servicer for the lender. If they are the servicer for the loan there is an additional amount of time in the short sale process because there is yet one more entity with whom the short sale will also have to be approved by. This happens a lot in situations where your note has been sold several times in a short period of time or when the lender holding the note is an investor. In this situation, the investor must approve the short sale as well.

If you have a first mortgage and a second mortgage with different lenders that will certainly complicate matters more and also puts a kink into getting the short sale approved since the second note holder will want something to accept the short sale and usually the first note holder offers a mere token to the second note holder however you will need the approval of both lenders in order to close and pass a clean title to a buyer. Sometimes the second note holder will accept the sale if the seller agrees to owe a note to them and pay for some of the loss.

Why would a lender want to do a short sale in Palm Beach county in the first place? Well, sometimes the loss they will accept on a short sale is less of a loss than if they foreclosed on the property. Foreclosing is not a cheap process at all and in Florida it is very time consuming. Most homeowners can keep the lender at bay for months and sometimes even over a year. At times the lender feels it is better for their bottom line to accept a short sale.

Not every homeowner is qualified to do a short sale in Palm Beach County Florida and we will cover the criteria in the next post in this series: Short Sales In Palm Beach County Florida. So stay tuned...

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales In Palm Beach County Florida - What You Need To Know If Your Are Buying Or Selling- Part 1 FloridaIPI.com

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales In Palm Beach County Florida - What You Need To Know If Your Are Buying Or Selling - Part 1*


Short Sales In Palm Beach County

What You Need To Know

Part 2

Welcome to part 2 of our series, 'Short Sales In Palm Beach County- What You Need To Know. If you have not read Short Sales In Palm Beach County Part 1 then please take a moment to read the first in this series, which is above.

Just because you own a house in Palm Beach County Florida and you have found out that you owe your lender more money than what a buyer is willing to pay for your property does not mean you are going to be able to just sell your house for less than what you owe your lender.

You must pass the Hardship Test. There must be a good and provable reason why you are not able to keep your home any longer.

The Hardship Test

Look at your situation and ask yourself these questions to see if it will pass the hardship test:

  • Since you bought the house, have you lost your job?
  • Did you have a bad accident or illness in which you got injured and could not work?
  • Do have large new medical bills that you incurred after you purchased the home?
  • Have you been relocated to another city or state?
  • Has your interest rate gone up so much that it is now a hardship for you to pay your mortgage?

Now each short sale request is looked at individually because each situation is different. But you must be able to prove that there is a hardship.

Now each short sale request is looked at individually because each situation is different. But you must be able to prove that there is a hardship.

What is NOT a hardship?

  • If you have used your house as your ATM machine and took all your equity out of your house and are now in debt, well, that is a hardship that is going to have a tough time being accepted. I would suggest that you do what you have to do to be able to keep your house.
  • If you bought your house on the tip of the market and now it is worth less than what you paid for it, that is not a hardship and not a reason at all to sell your house as a short sale in Palm Beach County.

The Asset Test

Do you have assets that you can liquidate to bring to closing when you sell your house short of what you owe your lender?

  • Do you have money in CD's and Savings Accounts?
  • Do you have stocks and bonds?
  • Do you have equity in other properties?

If you have these types of assets your lender is not going to take all the loss and not have you bring some money to the closing table. They will only accept the short sale if you are contributing as well to the loss. However, you may be able to negotiate the loss with your lender.

The Fraud Test

Did you commit fraud when you applied for your loan for this property? This means when you filled out your loan application, did you lie about anything on it like:

  • Where you worked?
  • How much money you were making?
  • What your assets were?

Any of these lies or untruths, whatever you want to call them, will be checked out by the lender. They will match up what you are saying now to what your application said when you applied for the loan. If there is a big difference in the information, than you better have a very good explanation of why the change. A good reason for a drastic change in income would be, losing your job.

We will not list your property as a Short Sale In Palm Beach County if you committed fraud because you will be required to turn in a short sale package which we help you put together and send to the lender along with an offer and then you are exposing the fraud and that can have serious legal implications to you.

The next post in this series of Short Sales In Palm Beach County will cover the documents that you are required to put together in the short sale package. 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales In Palm Beach County Florida - What You Need To Know- Part 2 FloridaIPI.com

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales In Palm Beach County Florida - What You Need To Know - Part 2*


Short Sales In Palm Beach County

What You Need To Know

Part 3

The Short Sales in Palm Beach County is a series of articles for sellers and buyers to better understand what a short sale is and how to proceed with closing with a short sale. In order to understand where we are at in the series please make sure to read part 1 and part 2 above.

So now that you know what a short sale is and you have passed the qualifying tests as set out in the parts above you are now ready to put your short sales package together for your agent and your lender.

Before you even list your property with your agent you should have your short sale package put together. This way your agent will be able to expedite the short sale process. Once an offer is made on your property your short sale package must accompany that offer. You will be delaying the process and possibly lose the buyer if you are waiting until you get an offer before you gather up all your documents for your short sale package as this can take some time to prepare. There are no exceptions to this process that I have experienced or even heard about.

  1. The very first thing that you need to do is call your lender, to confirm who the lender is and tell them you are putting your house up for sale. Make sure that the lender you are calling is still the note holder or servicer. We just went through sending out a short sale package for one of our sellers only to find out that the note was sold to another lender which this can happen often and because of this, we had to start the process all over again. Therefore, you may be able to save some time by confirming your lender.
  2. The next thing that you will need to do is write out an authorization letter for your agent to discuss your loan standing, details and short sale offers with your lender. This letter has to have the name of the person the loan is under and the loan number, as well as the name and company of your agent. Also, please make sure you date the letter. Most lenders have a period of time in for which the authorization letter is good for and after that time has expired you will need to write another authorization letter.

Here is the list of all the short sale documents you may be required to submit.

If you put together a package and then you find out they don't need one of these documents then just take it out of the package. It is better to be prepared and find out you did more than required than to submit an incomplete package. Your agent should be checking the package to make sure there is nothing missing. The lenders receive so many files each day that they can not even look at the incomplete packages.

  • Your authorization letter as stated above.
  • A handwritten hardship letter explaining your hardship. This hardship letter needs to explain why you are needing to sell your property as a short sale. 
  • A completed financial statement that your Realtor® has received from your lender. We have found through our experience that each lender has their own financial statement that they provide, which is not difficult to fill out. It is in a form format with fill in the blank areas. There is an asset column and a debt column and they will have a place to write in all your income and all of your expenses. This is where it is important that you told the truth on your loan application.
  • The last 2 pay stubs for all the signers on the mortgage.
  • The last 2 years of tax returns for all the signers on the mortgage.
  • A copy of your listing agreement with your Realtor®; your agent will provide that.

Once you have put all these documents together, you need to give them to your Realtor® so that they can get to work on your short sale package and make all the proper notations that might possibly need to be made. Each document will have to have your loan number written on it as well.

After you get an offer you and your agent will have to put together the rest of the package and that includes:

  • A fully executed offer of sale and purchase agreement.
  • The prequalification letter for the new buyer.
  • A HUD1 settlement statement from the title company with all the fees listed correctly. The lender will need to approve the expenses prior to accepting the buyer's offer.

Your agent should put together a sales package along with the short sale package. They should have your current market value paperwork and evidence showing that the offer is reasonable. We also put newspaper articles in the package showing our current market conditions. Documentation beats conversation. This is one of those times you can take all the bad news and work it in your favor. Nestor makes a very thorough and compelling argument and we have met with good responses to going the extra mile with the lenders. He is also putting together another short sale package as I am writing this post.

Stay tuned for part 4 of our Short Sales In Palm Beach County Series as we discuss what happens after the short sale package and offer is sent in to the lender. If you are interested in buying a short sale property, understanding what happens after the lender receives your offer will be beneficial to you.

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, LLC or those of the broker.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales In Palm Beach County Florida - What You Need To Know- Part 3 FloridaIPI.com

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales In Palm Beach County Florida - What You Need To Know - Part 3*


Short Sales In Palm Beach County

Part 4

*The Process Begins*

This series on Short Sales In Palm Beach County Florida continues as we explore what happens once an offer is made on a short sale listing. This post is of special interest to buyers who are interested in making offers on short sales. You should know what is involved and your agent should also be able to follow and understand the process of making a short sale offer.

Let us assume for this post that the seller knows what a short sale is, their Realtor® has experience working in short sales, the seller has met the qualification test to do a short sale and the seller and their agent have put together all the documents the particular lender requires to do a short sale, except for the offer from a buyer.

Now we are ready to receive an offer from a buyer. A buyer's agent should know how to help a buyer to understand all that is involved from both the buyer and seller requirements in order to have a transaction that runs as smooth as possible in this given situation.

The first and most important thing to understand about the short sale is that the seller of the property still owns the property, still holds title to the property and still has the say so of what offers will be accepted or not. The seller has mortgaged their property and the lender to whom they pays the mortgage payments to each month is the note holder or in many cases, the note servicer. The bank does NOT own the property. A Lis Pendens may have been filed and foreclosure proceedings may have started but until that property is sold on those courthouse steps the owner of records is still the person that is on the county records.

That being said the owner/seller can accept an offer from a buyer but since the offer falls short of what the seller owes to the lender, there must also be a third party approval to the offer, which is the lender, to whom the seller owes their loan to.

This third party lender will require the property to be sold in "as is" condition and will also have to approve all the closing fees on the side of the seller.

As a buyer you will also need to prepare a good presentation with your offer to this third party lender.

  • Submit your offer on a FAR/BAR AS IS Offer to Sale and Purchase with the new FAR/BAR Short Sale Addendum. Your agent should have these documents.
  • If you are obtaining financing for this purchase, you need to have your lender's approval letter. To receive this you need to make sure you have been approved for your loan. This means that you have already submitted a loan application, had your credit checked, provided all the documentation to the lender like your W-2's and tax returns. Please be advised that should your offer be accepted it is highly likely that the short sale lender will require you to close within 3 weeks of them accepting the terms and short pay off amount.
  • You should choose a mortgage company who is on the ball with short sales and knows how to get your loan through underwriting in a short amount of time.
  • Your earnest money deposit needs to be ready to place right into the escrow account the moment that the third party lender approves your offer. Make sure to get a signed and dated receipt of your earnest money deposit. Keep in mind that if you are paying by a personal check most title companies will require 10 to 14 days for that check to clear. To help speed this along, you may consider getting a cashier's check to the title company so that there is no hold up at closing for funds that have not cleared yet.
  • Along with your offer you should submit a nice hand written letter explaining to the third party lender why you want to move into the home and that you are an end user. We had a single mom tell of her plight to get into a home with her children and that her offer was the highest she could go. She is the one who got the house in spite of their being multiple offers on the property.
  • Your agent should arm your offer with comparative sales in the area and other market appropriate documents to prove the case of your offer.

The next post in this series will be about how to decide what to offer on a short sale, myths and truths about offer prices on short sales.

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, LLC or those of the broker.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales In Palm Beach County Florida - Part 4 - The Process Begins FloridaIPI.com

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales In Palm Beach County Florida - Part 4 - The Process Begins*


Short Sales In Palm Beach County

Part 5

Short Sale Myths and Truths About Offers

This post will be about how to decide what to offer on a short sale, myths and truths about offer prices on short sales.

There is quite a vast amount of false information regarding how much you can buy a short sale for. Like those that are watching too much late night TV about buying real estate at 50 cents on the dollar and with no money down.

  • MYTH - The lenders are so desperate they will accept any low offer that is offered on a short sale.
  • ​TRUTH - The lenders would rather work out a workable solution with the homeowner. There is a formula that most lenders use to determine their loss and what the actual net proceeds are that they will accept at a short sale closing.
  • MYTH - The lenders are just jumping up and down to get your low ball offer!
  • TRUTH - The lenders follow policy. The policy is that we submit the short sale package from the seller along with the short sale offer and package from the buyer. The lender then orders a BPO. The BPO usually comes back in a week to 10 days. The BPO is NOT an appraisal. It is a Broker's Price Opinion. The lender hires an agent to go out and do this Broker's price opinion for the lender. The lender pays the agent somewhere between $50 to $100 to do a BPO.

Once the BPO is back, they work their formula and then send us a statement telling us what they will need to net. The BPO is what the last similar property sold for. They will usually accept about 5% to 15% below their BPO for an accepted offer.

  • MYTH - You can offer 30 cents to 50 cents on the dollar of what the listed price is.
  • TRUTH - The above statement is NOT true. The lender will take a small discount off of the BPO value as they want right below market value.

The list price is not your starting point in the negotiations on a short sale offer. You must pull up the tax rolls and check to see how much the owner owes to the lender. You will look to see if Lis Pendens has been filed. You will also need to take into consideration that if this house is in pre-foreclosure there are other bills they most likely have not paid for that will affect the sale of the property. Those are:

  • Real Estate Agents' fees
  • Second notes or home equity lines of credit
  • Unpaid HOA fees and related attorney's collection fees
  • Title insurance, doc stamps and other closing costs
  • Unpaid Property Taxes

All of these things are going to have be paid at the closing. The seller is most likely not going to have all that money to bring to the table. These figures are turned into the lender because the lender will choose which of these closing fees they will approve and how much they will expect these fees to be reduced.

Once you know how much the seller owes on their property you will have some idea as to how to structure your offer.

If this short sale is in Palm Beach County Florida it is very likely that you could get the property for 50 cents on the dollar on what the seller owes their lender, NOT what the list price is. The list price is usually right below market value and this is where the misunderstanding comes in for most offers.

You must look at what is owed to the bank versus what the market value is; the list price. The lender is actually reducing the loan down to the market value which can be a reduction of up to 50% as many markets have dropped that much in the last couple of years.

Sometimes you will get a better deal if you are a buyer making an offer on a property that has equity in it and the seller is motivated to take a lower than market value offer. You must have a lot of patience when making an offer on a short sale. If you need to be in a house by a certain time in the near future trying to buy a short sale if that short sale is at the very beginning of the process and there is no BPO yet on the property, then it most likely would not be in your best interest to pursue that particular offer.

You can ask your agent to look for short sales that already have a BPO back on them and the original offerer is no longer in the picture. When this happens you will know exactly what the lender will accept as their bottom net and then you can decide if you would like to pursue buying that property. In these situations we can close rather quickly, usually within 2 to 3 weeks.

So make your offer based on TRUTH not MYTH.

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, LLC or those of the broker.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales In Palm Beach County- Part 5 - Short Sale Myths And Truths About Offer

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales In Palm Beach County- Part 5 - Short Sale Myths And Truths About Offers*


Short Sales In Palm Beach County

Part 6

After The Offer Comes In

So now the buyer has made an offer and turned in all his/her supporting documents. The seller and their agent have put together all the required seller documents for the short sales in Palm Beach county package.

The agent will now make sure that every document required is correctly filled out and make sure that the loan number is on every document. The agent will contact the third party lender and get the instructions to get the package to them, usually more often than not, the lenders want the package faxed to them. If they want you to express mail the package make sure you have a duplicate package prepared to keep for yourself. On one of our short sales; we expressed mailed the package and it was signed for but it ended up in the lender's black hole. Then they lost our two faxes of a package that contained over 100 pages and they even said they never received our email when we emailed the package. So make sure you have a back up.

Super Tip! I would recommend buying one of those stamp kits at Office Depot so you can place the loan number on the stamp and use that to stamp all the pages of the short sale package instead of hand writing the loan number on 80 to 100 pages of documents. Doing this will save you some time.

Once the Short Sale package is delivered to the third party lender we will call the lender to make sure that they have received the package. This one action is an act of patience! Some lenders are easy to get through and some lenders are a nightmare. Sometimes Nestor has been on hold for over an hour just to reach the right person to simply find out if the package is there! Please do not work in short sales if you have a hot temper or are impatient as your blood pressure will surely rise while on the phone with certain lenders.

Super Tip! Call the lender early in the morning, get on that phone before all the other callers start calling. Be the first in line!

Once we get someone on the phone Nestor confirms that they have received the package and that they have our authorization letter from the seller so we can talk to the lender. The first thing Nestor does is to confirm that this lender actually holds the note for this property. We had one short sale where the lender our seller was sending his payments to had sold the note to another lender and that lender in turn sold it to someone else. Since the first day of giving this lender notice that we were doing a short sale that note ended up being sold twice in a period of just a couple of weeks. The lenders were playing hot potato with his loan!

Super Tip! Make sure that you call ahead before you even get an offer to the lender to confirm that they are still in fact the lender. Notes are being sold every day so you need to stay on top of this.

There are note holders that service loans that they do not own. In these situations the servicer takes care of all the short sale paperwork and acts in behalf of the note holder. For instance, we have a file now where the servicer is GMAC and the note holder is Deutch Bank. GMAC is like the negotiator for Deautch Bank.

There are also companies that just do Short Sale processing and negotiations that lenders will contract out their short sales to. We have had the best results from these types of companies. Obviously this company is also getting paid upon the completion of each short sale so they are quick to respond to us. Nestor usually can get right through directly to the negotiator on the file.

Then there are the lenders who are trying to do it all themselves. These lenders own the note, service the note and handle all aspects of the Short Sale. These tend to be the hardest to get through to, as they are totally swamped with files and they do not have experience in doing Short Sales. A salaried employee who knows little to nothing about the real estate business is what you end up with. Most of the time, by the time these lenders do something with your short sale package the buyer is long gone!

Super Tip! Don't sweat losing the first buyer. Once the counter is made from the lender you will know exactly what they will accept for the property and the next buyer that comes along will be able to close quickly. There is more on this in the next post, Part 7.

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, LLC or those of the broker.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales In Palm Beach County Florida - Part 6 - After The Offer Comes In

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales In Palm Beach County Florida - Part 6 - After The Offer Comes In*


Short Sales In Palm Beach County

Part 7

Inside The Process

Depending on how the lender is handling their short sales, this is the point where you need an agent who is working with the seller to really know what they are doing and how to negotiate with the seller's lender.

For illustration purposes we will call the person we are dealing with at the lender the 'negotiator'. Different lenders have different titles for this person but to make things simple we will stay with the term 'negotiator'.

The negotiator takes the file and checks to see if all the documents are in the package and if the file is complete. Each negotiator may have upwards of 140 or more files coming in per day and they must process these files quickly as possible. Any incomplete file is not going to be attended to in a timely fashion so make sure it is all correct to begin with before you send it in.

Once the negotiator has checked the file and has determined it to be complete he or she will order a BPO.

What is a BPO?

A BPO is a Broker's Price Opinion. The lender will hire a real estate agent to do a pricing report and come back to the lender with the information as to what that individual believes the fair market value of the property is right now. The BPO must consider the last solds in the neighborhood that the property is in and if they can not find any comparables in that neighborhood then they may go outside of the neighborhood to find a property of like kind. Usually this process does not take long. We often see then done about a week after the negotiator has received the package. Then that agent will send their BPO back to the lender.

The lender then calls us to tell us what the note holder will accept as a net figure. This net is based upon a formula that is used to estimate the losses the lender can incur. What we have seen for Short Sales in Palm Beach county Florida is about a 10% to a 15% discount off of the BPO. The BPO defines what the current market value of the property is.

We then take the net amount that the lender has agreed to accept and work with the present offers we have to see if any of them will meet these numbers. If all of the offers are too low then we will call each of the buyers' agents and tell them the offer is xxx amount of dollars away from happening. The agents can then tell their buyers what the price will need to be for them to get this particular house. If the buyers want to meet the price then we have a deal and we start all the closing procedures and loan procedures for the buyer's side.

If the price is too far away to work then we put on all our marketing and Multiple Listing Service the price that is going to get this property.

Once the BPO is in; generally it is easier and faster to sell the house. When agents call us for showing instructions we can tell them about the BPO and that their buyer is now in a position to have a quick closing. We just closed on two short sales last week and both of them had their BPO's done in December and we closed in February. That was not that long of a time to get to closing. In fact one of them was ready to close in January but our seller had some bankruptcy issues that needed to be addressed before we could close.

The problem that we see causes the most problems with the successful closing of the short sale is the lack of experience from the real estate agents that are involved. Nestor is on that phone with the lenders every 2 to 3 days checking on our files. Someone who knows how to deal with people must be on that phone with the negotiator, checking on the progress of the file and the state of where in the process this file is at, to ensure things are going smoothly.

The HUD1 Settlement statement is the other item that needs to be perfectly correct when it gets sent to the lender with the offer and short sale package. Make sure every single fee is on the HUD or else you won't have a closing and you as the agent will have to pay the difference in the errors on the HUD. Once the HUD has been approved by the third party lender it is highly unlikely to approve any changes so pay attention to detail for a smooth closing!

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, LLC or those of the broker.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales In Palm Beach County- Part 7 - Inside The Process

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales In Palm Beach County- Part 7 - Inside The Process*

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, LLC or those of the broker.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales In Palm Beach County- Part 7 - Inside The Process

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales In Palm Beach County- Part 7 - Inside The Process*


Short Sales In Palm Beach County

Part 8

Everything You Ever Wanted To Know

About Short Sales But Were Afraid To Ask

Palm Beach County Short Sales- Short Sales- Information For Sellers and Buyers.

At least 3 times a week, we get calls from Sellers who no longer can make the payments on their home and are trying to find out what a short sale is and how it works. Most of the calls we have received this last week are from sellers who have already spoken to their attorneys and their attorneys are recommending that they sell their home using the short sale process.

We listed 2 short sales this past week, where the seller found us on our Active Rain blog and called us after reading our posts about how to do a short sale. We had one owner call us to list his house but it would be better for him if he does whatever he can to keep his house, so we did not list his house. Instead we are sending him to resources that may be able to help him keep his home.

Pricing your property competitively enough to encourage offers from buyers is one of the most important things to know when you list your property as a short sale. And if you are an agent you must not only have the foresight to know what a BPO will come in at but also to have some understanding on what a buyer's appraiser is going to be looking at for comps. Pricing a home too high will create headaches for a seller and in the end, possibly making them lose their home to foreclosure. At the same time, pricing too low will get offers that have no chance of being accepted since the lender is not going to approve sales much lower than their BPO.

Please read the story below of a seller that wanted to price her home correctly but her agents priced her home too high.

A note to agents: If you are taking overpriced listings without any notion of reducing the price of those listings within the first 30 days on the market please read this story. If you do not take overpriced listings please read this story to reaffirm why you will not do so. If you are thinking about taking overpriced listings then read this story.

Whenever you take a listing it is your duty to find out why the seller must sell. I am amazed at how many sellers we talk to who tell us their agent never even asked them why they needed to sell. Don't you think that the motivation of why a seller needs to sell needs to be taken into consideration with your pricing? Of course it does.

Beware Of Damaged Goods!

The Human Consequences Of Taking Overpriced Listings


A seller calls us in dyer straights and needs to sell her home with a short sale and asked us to list her house. As I began to inquire about her property and qualify her for the short sale process she informed me a very sad story.P Please keep reading, you will see there is more to this story than her husband getting laid off of his job.

Two years ago, yes, read that again, 2 years ago she listed her house with an agent who over priced her house. Now, the seller had no idea at the time of what price to ask. She depended on her agent to tell her what that price was. She asked the agent to be honest with her about what she the house should be listed at. This agent had all the opportunity in the world to price this house to sell. The seller told the agent of her financial situation.

The house gets listed too high. Now at that time they only had one mortgage on the house and they could have sold it for a profit because they had equity in the house. This was in 2006. The market was already heading down, however, the amount they owed compared to even a low ball offer was still a great deal to this seller.

Now, the agent takes the listing, puts it in the MLS, can not even do the 4 P's because they don't allow signs in this community and walks away. After a few months of not hearing from their agent and after looking online to start to see what the other homes around her were listing for and selling for the seller calls her agent to ask for a price reduction!

You read that right! How many of you who fight for price reductions wouldn't kiss her feet for being the one to suggest a price reduction! This agent should have been embarrassed that the seller was calling her. Now the seller gets the agent on the line and says,

Seller: "I think we need to drop the price of the house."

Agent: "Oh O.K."

Seller: "What do you think we should drop it to?"

Agent: "Ah, I don't know, what do you think we should drop it to?"

Seller: "Well, I don't know, If you think, $5,000, $10,000, $25000 would help to get it sold?"

Agent: "OK, we will reduce the price by $5,000."

Please tell me this agent is one of those agents who did not pay her dues and is out of business! I would not wish this agent on my worst enemy!

​So 6 months goes by and nothing happens, no showings, no offers. The seller is a nice lady who knows nothing about real estate and hired an agent to do what she did not know how to do. So then they list with another agent and basically the same thing happens again. The market was falling fast at that time and the agent had no clue about pricing a property to sell in a falling market. So again the seller was behind the eight ball with no room to get out.

And now what does the seller need to do because of the inept and inconsiderate agents she had to deal with? She had to get a second mortgage on her house just to keep living in this house and keep her payments up on the house and the bills. She never would have had to take out this second mortgage in a falling market if the agents had priced this house to sell in the very beginning, they would have walked away with money in their pockets and a song in their hearts.

And now what does the seller need to do because of the inept and inconsiderate agents she had to deal with? She had to get a second mortgage on her house just to keep living in this house and keep her payments up on the house and the bills. She never would have had to take out this second mortgage in a falling market if the agents had priced this house to sell in the very beginning, they would have walked away with money in their pockets and a song in their hearts.

This is not the end of the story!

Now the seller thinks that all the agents do is to put her listing in the MLS. The logical thinking is, Gee, if that is all the agents do then I can do that myself. The seller pays a $395 fee to a company that places her listing on the MLS for her. This seller becomes a FSBO with still no idea of what to price her house to sell at. After about a month, another agent promises her the moon and talks her into listing her house again. This must have been his prospecting technique, to solicit the sellers who pay the MLS listing company to enter their listings on the MLS. Again, this agent, O.K. now, this is the third agent that has overpriced her house.

I want to have a word with these agents!

I just about had to pick myself off the floor after hearing this story. I had to pause just to regain my composure. This whole story was related to me over the phone. I could feel her distraught right through the phone.

They are the ones who should be paying her second mortgage payments! This is plain and simple irresponsible and totally uncalled for. Why are you taking listings that are not going to sell? Why are you not asking for price reductions after there are no lookers! This is over a 2 year period of time!

The seller knows the only recourse now is either foreclosure or doing a short sale. The reason she has to do the short sale is because the agents did not list her house at a price that it would sell. She watched as houses around her sold and hers did not. There is nothing wrong with the condition of her house. It was the pricing. If we had the listing in the first place the house would have been priced to sell and she would be walking away with cash in her pocket 2 years ago!

She Googles our keywords for Short Sales and we are all over page one. The seller reads our articles on short sales and calls us. We took her listing over the phone and priced it correctly to sell quickly. Low enough that the buyers will come and reasonable enough the BPO the lender will order will come in very close to what we have it listed for.

Sellers: Beware of agents who hang their reputation on their sales when the sun was shining and the market was hot. Make sure to choose an agent who has weathered all the real estate climates and knows how to handle the storm of a falling market.

Agents: Please do not take overpriced listings. You may just be contributing to damaged goods. Remember, these are human beings and there are human consequences to your actions. Please govern yourselves accordingly.

If you read the story above, you would know why it is so important, and I can not stress this enough, that you choose an agent who knows how to do Palm Beach County Short Sales and has experience working with Short Sales. Ask your agent if they have closed on any short sales in your area. Selling your home as a short sale takes commitment, perseverance, patience and expertise in negotiations and follow through of actions. Do not leave your Short Sale to chance.

Time is of the essence in doing your short sale.

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, LLC or those of the broker.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales - Everything You Ever Wanted To Know About Short Sales But Were Afraid To Ask - Part 8

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales - Everything You Ever Wanted To Know About Short Sales But Were Afraid To Ask - Part 8*


Short Sales In Palm Beach County

Part 9

Successful Short Sale Closings And We Got Paid!

We closed on 2 short sales successfully and both were our listings.

They were both difficult transactions but in the end we got our checks, the other agents got their checks and 2 new homeowners got awesome deals on these 2 homes. Patience is the principle quality you must have to follow a short sale through. Nestor is very good at following up with the lenders and wielding all the influence possible in order to get the sellers approved with short sales below market value. Knowing what to say and how to say it, is very important.

Why is below market value important right now? Because our market is not quite finished going down, we are just about there but not quite.

One of the units was a condo, we originally had it listed for $249,777 and kept reducing the price as per the instructions of the seller's note holder. As soon as we reduced it to $150,000 we became just about the hottest listing in town. We had 4 offers on this unit within days. One of the offers was way too low at $130,000. But one single mom put in an offer of $150,000. This was good enough to get the ball rolling. Nestor made sure the BPO agent would have to meet him at the property. The problem with this unit was that in this development there has not been a sale since October of last year. That comp is not workable in a down turned market. The agent received it and was able to pull comps from outside of this development. The BPO came in at $167,000. The other buyers all went away when the counter offer came back. All of them except for the single mom with her FHA loan. We actually prayed that she would get this condo because there is nothing else like it in Wellington for that price. So the highest she could go was $155,000. We sent in her counter offer to the lender even though it was still so far off. The negotiator talked to the note holder again and he finally said go for it. Although, he only approved our commission at 5%.

Her FHA appraisal came in at $208,000. We were so happy that our seller was able to get a clean fully satisfied, no 1099, no default judgment, no promissory note! And we are happy that this unit went to a mom who is raising her child in this new home that she can call her own. That is what makes this business worth what we go through!

How did we get this listing? Of course, through our Expired Listing Program.

Our second closing on a short sale was for our wonderful and loyal seller who is a great referral source. She had her house on the market for almost a year, way too high. We sent her a letter notifying her that a lis pendens had been filed against her 2 houses.

She moved here from Africa, from Uganda, escaping some of the most vile and cruel may ham and ethnic cleansing murders you can not even imagine. She told me stories of how women's breasts are cut off so they can not nurse their babies, so that their babies will die of starvation in their mothers arms with mothers helplessly crying and being able to do nothing to save themselves or their babies. She came here to live in a country that would never tolerate this, to live the American Dream.

Her son and my son have become friends, they are the same age and play together. She now lives in a rental right down the street from us so we have become friends as well. Well, she rented this house out to a lady who made her living out of not paying rent. Our seller was totally scammed. The woman would come crying about how her mother had cancer and the next time, how she was in a car accident. Well, the seller has a kind heart and at first believed her sorrows but they were all lies. When she realized the scam; she hired an attorney and it took another year to get the woman evicted. This scam artist would not let us show the house either. Needless to say, our seller could not make the payments and pay the attorney's fees and this caused her to go into default.

We listed her house right below market value but we received no offers. This was when our market was just not moving. There were months where there were just not any buyers for any of the homes in this community. The worst part about this community is that the builder is still in there building houses. He is giving away mega upgrades, low interest teasers and selling the same model for less than what any resales were on the market for. We reduced the price to $374,000 and then in December buyers started buying again. We had 5 offers on this house. The BPO was done right on this house too. The offer came back that the note holder had to net $311,000 on this house. Most of our offers were in the high 200ks, which was not going to work. But then we had an agent call us who had a buyer who just lost a deal on a short sale offer and needed to close quickly. He made an offer of $330,000, we were able to make the numbers work and he got the house.

Our seller was not 1099'd, she has no deficiency judgment and no promissory notes to take care of. The buyers' appraisal came in at $380,000! He got a great house at a great price, we got our check and so did the buyer's agent, which made everyone happy!

Both of these houses were closed at the end of February and both of them took less than 6 weeks to close from the point of the first offer to the BPO, to the acceptance, to the closing.

So have faith, it can be done.

If you are a seller please read through our Short Sale Series and make sure you choose an agent who had closed short sales and knows how to close them.

If you are a buyer read our Short Sale Series and make sure you have an agent working with you that understands how to present you in the best light to the third party lender.

If you are an agent please read and understand our Short Sale Series and partner with an agent who had closed a short sale successfully on your first short sale. It is worth splitting your fee to get it done right and to have the hands on experience before you jump into Short Sales.

Please be aware that no matter how great our success is with getting short sales closed; there is NO guarantee that your short sale will be successful. Please keep in mind that each short sale is different, each seller has different circumstances and different lenders. If you have Country wide as your lender- well- we will pray for you! More on that in the next short sale post...

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, LLC or those of the broker.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales Closings And We Got Paid! Short Sale Series Part 9

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales Closings And We Got Paid! Short Sale Series Part 9*


Short Sales In Palm Beach County

Part 10

Strategies For Communication - You Must Hold The Key

Short sales in Palm Beach County Florida take a winning and well thought out strategy in the lines of communication. I certainly recommend that if you are a seller that you find an agent who is very good with communication and knows how to work with others well. If you are an agent than please make sure you know what you are skillful in as far as communication styles. .

Great people skills is another quality you definitely need to be successful in. The reason your agent needs people skills is that he/she must be able to break through all the walls and obstacles that the lender has in their path to a successful closing of your short sale. Nestor is very good with this type skill, as he knows how to flatter the people on the other end of the phone. He can dazzle them with his fun compliments and charm, making many become putty in his hands. He is able to get through.

Do not treat the customer service people ( no matter how ignorant they may sound) with disrespect, having the attitude that you are better than they are. You also should never act like a weak beggar and you must communicate from a position of strength and knowledge. In the business of short sales in Palm Beach county; the true power is in your people skills and your knowledge of the market. But coming from a position of strength does not mean being overbearing, rude or disrespectful. Keep a smile on your face as you are conversing.

In our series of posts on short sales in Palm Beach County Florida we mentioned that this is not the business for those with hot tempers and I as I have stressed throughout this series, you must be patient.. It will do you no good to yell and lose your temper while talking with the short sale lenders' negotiators on the phone. Your lines of communications must be kept open no matter how frustrated and upset you may get. Your file will just get put to the bottom of a very deep pile and might just end up in a lender's deep black hole.

In order to be successful you must get to the chief, the negotiator, somehow. The most assured way to do this is by talking your way into that negotiator's line of communication. This is done through making great fun small talk with the receptionists and customer service representatives. The best way to do this is by understanding their perspective and where they come from. They are just like worker bees. All they are there for is to collect their check at the end of the week, nothing more, nothing less. They are the lowest paid on the totem pole of the company and the lowest skilled. So you need to think about where in life they are coming from and meet them at their level.

There is no sweeter sound in any language than for a person to hear their own name. Learn the names of the people who are answering the phones, the assistants' names and the negotiators' names and then use them in your conversations with them often. Saying a person's name, grabs their attention. You can learn a lot more about this fascinating subject in the classic, How To Win Friends And Influence People, by Dale Carnegie.

When you get through to the negotiator make sure you have your file in front of you. They will get impatient with your being unprepared so make sure you have all your notes ready, the list of questions to ask the negotiator and the list of things you need to let them know about. Although don't ask questions that would lead the negotiator to believe you have no experience in doing short sales. Make sure you know how the process works before you talk to the negotiator. Always have your authorization letter from the seller with you, their loan number and their last 4 digits of their social security numbers. This information will be asked of you every time you call them and many times when they call you.


Short Sales and Foreclosures In Palm Beach County Florida

Part 11

What The Homeowner Needs To Pay!

Short Sales in Palm Beach County and in Saint Lucie County Florida are rising at a steady pace. You cannot look for a house for sale without noticing that there are short sale listings everywhere, due to the fact no community is really immune to this. At first I thought that the waterfront was immune but then we discovered an 18 million dollar home in Highland Beach that is on the market as a short sale.

Most homeowners do not know that a short sale is an option. If you have been served with foreclosure papers, a complaint that must be answered within 20 days of you being served; please call us right away so that we can put you in touch with our attorney who you can talk to about your defense. At this point time is of the essence. You need foreclosure defense at this point and you need to know what your options are.

Each short sale listing we have received from our blog has been because the homeowner that has defaulted on their mortgage payments was told by their attorney or their financial adviser to find a Real Estate agent who knows how to do short sales and list their home as a short sale. So the homeowner get on their computers and Google; Short sale real estate agents in Anytown Florida and then they call us to help them.

But there are many people out there that qualify to do a short sale but have no idea what a short sale even is much less what to do to accomplish a short sale on their property.

Hence, we started our series on Short Sales in order to educate both the homeowners and the agents about all that you need to know about a short sale. This is the 11th article in this series on short sales.

A short sale is when you owe more money to your lender than you can sell your house for. The lender agrees to accept less than what you owe them so you can avoid foreclosure.​

What do you as the homeowner have to pay in order to do a short sale and what will not come out of your pocket?

  • ​First of all, there is no cost to you to list your home as a short sale. If you need foreclosure defense that is a different and separate from the short sale and there is a fee that you will be charged by an attorney or a foreclosure defense company but it is very small compared to losing your home to foreclosure.
  • When you list your home for sale as a short sale you are signing a listing agreement with us saying that there is a X percent commission to be paid to us at closing. That commission is not coming out of your pocket and your not having to bring it to closing. The commission will be deducted from the proceeds that your lender is getting from the buyer. So relax about that.​
  • Your lender will pay for most all the closing costs. Each lender has different policies and rules regarding certain fees. If you are behind in your taxes, usually the lender will be paying those at closing from the proceeds of the sale.​
  • One thing is for sure: Your lender will not allow you to have one penny from this sale. Any moneys that you get must be given to your lender, which makes absolute sense. So if you are approached by people telling you that they are going to give you money on selling your house as a short sale, that is called mortgage fraud and we suggest that you do not take any deals like that.​
  • Your short sale lender is going to require that you pay all of your utilities. Some utilities can and will place a lien on your property if you get past due. Especially your water bill as that is a bill that in most towns here in Palm Beach County and Saint Lucie County will place a lien against your property for. You can not sell a property with clear title to a buyer with outstanding liens on the property. So don't get so far behind in your utilities and HOA fees that you can not catch up before closing. Keep a close eye on that.
  • Also, some lenders will pay the HOA fees and some will only pay a portion of them and some won't pay any of them. Try your best to keep your HOA fees current because they are also a lien item. We can usually negotiate that bill down, depending on when you bought your house. A new law was passed that now HOA's can come after you even after a foreclosure for money you own them but that law was just passed so it may or may not apply to your circumstances. Ignoring your HOA fee bill is not going to make it less or make it go away. The late fees and collection fees really add up fast, so make sure you watch that closely.

Call us today to get your house listed as a short sale as soon as possible. It takes time to market and prepare short sales so every day counts.

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, LLC or those of the broker.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales And Foreclosures In Palm Beach County Florida - Part 11 What The Homeowner Needs To Pay!

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales And Foreclosures In Palm Beach County Florida - Part 11 What The Homeowner Needs To Pay!*


Short Sales - Qualifying The Homeowner For A Short Sale

Part 12

One of the key steps to making sure

your short sale listing goes to closing.

Whenever a homeowner calls us and tells us they want to do a short sale we ask first understand and what do they know about selling their home as a short sale.

Most homeowners do not really know what a short sale is. Most of the time they have spoken with either their attorney or their financial advisor about their financial situation and were told the best option in their situation is to sell their home as a short sale and avoid foreclosure, so the homeowner looks for an agent to list their home without any clue of what a short sale actually is.

After we explain what a short sale is and disclose that there is no guarantee their lender will approve a short sale we do an 'intake interview'. This is just like a buyer applying for a mortage except backwards. When a buyer is qualifying to purchase a home they want to be in a good financial situation, have good credit and have money to put down on the purchase. The homeowner in a short sale wants to show a hardship, show they cannot afford their home any longer and for a good reason, for the best chance of their short sale being approved.

We do this qualification interview on the phone with the homeowner. We do this before we do a CMA, listing agreement or anything else because we want to evaluate the chances of this short sale going through, the chances of this homeowner getting a deficiency judgment and the chances of the lender asking the seller to contribute to the short sale. We are in the business of helping people however we also need to keep in mind that we are running a business and there are many homeowners who just will not get approved for a short sale in the realm of what they are hoping the outcome to be. So we need to know what we are up against before going any further. We also will not accept short sales that have more than 2 mortgages on the property.

Another reason for doing the interview is to find out if we get a sense that they were not telling the truth when they obtained their loan in the first place. If they tell us that they were not honest on their loan application than a foreclosure is their only choice because we will not take that listing and neither should any agent take a listing like that. Their lender is going to want to see their financial history and if they lied on their application and things have not really changed as far as a hardship goes than you are putting yourself in a precarious position, which is not worth it.

During the qualification interview we disclose to the homeowner all the possible outcomes of a short sale so they know going in this what can possibly happen and it helps to get their commitment to the process. This is a very emotional and frustrating time for the homeowners and being a good listener is a must for them. Yesterday a husband and a wife in their 60's were crying on the phone as we went through this process. It is a tough time and we seem to get the real hardships.

The process includes a list of financial questions like how much money are they making now, what has changed financially in their lives since they got the house, how much are all their expenses and we go down a list of expenses, how much do they have in savings or retirement accounts, the list can go on and on.

The reason we need to know about retirement accounts is because the lender can not require you to cash out your retirement account to pay the deficit but they can turn down the short sale or ask you for a small note and things like that, however, that really depends on how much money there is in the retirement account.

We have been doing short sales for a long time and know what will work and what will not work. The short sale can still be approved with no hardship but the homeowner is going to have to contribute to the sale. If they know this going in to the listing than we may entertain accepting this type of listing. What we don't want our homeowners not committed to the process since we don't take any upfront processing fees and the time and money is coming from out of our pocket. We certainly don't want homeowners who are going to change their minds after we work on their file for 3 months!

Make sure your short sales listings are qualified through their hardships or through their commitment to contribute to the deal. Then make sure they will remain committed throughout the process.

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, LLC or those of the broker.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Short Sales - Qualifying The Homeowner For A Short Sale - Part 12 - One Of The Key Steps To Making Sure Your Short Sale Listing Goes To Closing

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales - Qualifying The Homeowner For A Short Sale - Part 12 - One Of The Key Steps To Making Sure Your Short Sale Listing Goes To Closing*


Short Sales In Palm Beach County and Port St Lucie

How Long Does It Take?

Part 13

Short Sales In Palm Beach County and Port St Lucie will take anywhere from 30 days to 180 days to close. Homeowners and the buyers must understand this when going on this path of a short sale. Buyers need to be committed to the process and the sellers (homeowners) must get the necessary documents in order expediently.

We have had closings within 30 Days of an offer being received to 5 months on one of our closings. Why are there such vast differences?

Based on our experience we have discovered the following:

  • The smaller the lender, the quicker the answers thus the quicker the closing can take place.
  • The more of a relationship we have with the lender, big or small, the more we can get things done faster.
  • Homeowners with 2 mortgages whose notes are owned by two different entities take the longest to close because you must go through the short sale process twice. We begin these simultaneously but the second note holder is not going to give any answers until they see the bottom line of the first note holder.
  • If the note is being sold in the middle of negotiations you have to start all over again. These take the longest. We had a closing that took 5 months because the note was being sold like a hot potato. This note was sold 3 times to 3 different investors while we were in negotiations. Each time it changed owners they also changed servicers and therefore we had to start the entire process all over again right from the beginning. But once this note did settle down with the final lender, the process went very smoothly and closed within 30 days.
  • The faster closing we have on record for a short sale was 3 weeks from the offer date with SPS. They are a smaller servicing company and very easy to work with. They had their process streamlined and it worked well. The other companies that seem to work smoothly are EMC and Aurora. Both of these companies get their BPOs ordered expediently.

The longest closings we have are with Countrywide. But we don't have many problems with them other than the backlog of files they have to work with. But we always have good and clear communication with them. We have a good working relationship with Countrywide.

The absolute worst company we have worked with is CityBank. This may just top the longest closing that we had not because of a note being sold and floated around but just by the inadequacies of them knowing how to move their files along. We have one that the BPO was not even ordered for nearly 90 days! We have had to go up the chain of command on this one.

You catch more flies with honey than with vinegar and Nestor is the King of flattery and buttering up those that answer the phones as well as the negotiators. He is also very upfront while he is being so nice that if we are not getting the response time we expect he is going up the chain of command. That will light the fire under a negotiator's butt!

Remember always, running a business is always about being in the service of others. If you will care, empathize and go the extra mile for your homeowners who are in distress you will be rewarded financially as well as in many other ways that money can not buy. Knowing that you saved someone from an impeding foreclosure and helped to relieve a lot of stress from their lives helps you sleep well at night. Every negotiator Nestor has dealt with has told him that they are amazed at his passion.

Yes, short sales are time consuming and are work, but in the end the referrals and testimonies you will get from short sales will pay much larger dividends. Look at is as investing in your business.

We find this work very rewarding. To top it all off the benefits are great too! This is the one time where you have a seller who is not going to complain about your fee, they are not going to complain about the pricing, they are so willing to keep their home nice and clean and to make showing easy. This is one of those times when they are so happy to have an agent and they are so grateful you are helping them. They write and video wonderfully moving testimonials and they tell us that we are not getting paid enough! How much sweeter does it get! Click here to view our short sales sellers' video testimonial.

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, LLC or those of the broker.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

*Short Sales in Palm Beach County and Port Lucie - How Long Does It Take? - Short Sale Series Part 13

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales in Palm Beach County and Port Lucie - How Long Does It Take? - Short Sale Series Part 13*


Vintage Condo in South Beach Miami – Another Short Sale Sold and Closed!

Miami Beach FL Short Sale Agent Testimonial

In September 2010, the first listing price was $169,777. We then reduced the price in increments down to $149,000 before getting an offer.

In March 2011, the buyer placed an offer at $124,500. The buyer sought financing from Wells Fargo through an FHA loan.

We advised the seller to apply for the HAFA program when we did the short sale evaluation with him because he was eligible to submit an application for HAFA short sale.

The bank the serviced the loan was Chase. On HAFA deals in South Florida, Chase is very slow.

The buyer’s offer was countered by Chase at $144,000. The counter offer was accepted by the buyer. Then the lender for the new buyer, Wells Fargo, performed their appraisal. 

The appraisal came back at $117,000. With the new appraisal, we went back to Chase. As an REO, Chase will get less than this. The price was then reduced to $117,000 by Chase.

We encountered issues with the Condo Association's Hazard Insurance policies and with FHA and we had to ask Chase for extensions to the closing, but he issues were resolved.

Closed! Since the seller got approval for HAFA, he received $3,000 and no deficiency. He really did not expect it was going to happen since Chase told him many lies in 2010 during his loan modification process, so he was VERY happy when we told him he was getting $3,000.

But the closer from Chase called us the night prior to closing to let us know they had $20,000 more than what they needed to net, and we can give the $20,000 at closing to our seller!!!! To sum it all up, our seller received $23,000! You should’ve heard him when we told him the news on over the phone!


Wellington Short Sale Agents - Closed Another Short Sale In Wellington

9119 Dupont in Olympia in Wellington Florida

Lender Servicer - Bank Of America

  • Investor rental property
  • Investors bought this home in 2006 for $489,000 plus closing costs.
  • Bank of America 1st Lien: $400,000
  • Bank of America 2nd Lien: $89,000
  • Home was in excellent condition, the tenant was a charm to work with.
  • Tenant vacated the premises prior to us getting the final offer that would be accepted by the seller.
  • We had multiple offers. Seller chose his best offer.
  • This home has 5 bedrooms and 2 bathrooms with 2888 square feet under air.

Bank of America approved the short sale for $ 239,000

  • Waived all deficiencies, waived all rights to pursue a judgment
  • Reported as "settled for less than the amount owed".
  • Negotiated a promissory note for $3,250.00 to get the deficiency waived since it was an investor property so the owners did not qualify for HAFA.

How Long Is My Short Sale Going To Take?

How long is my short sale going to take? That is a question most sellers ask when we do a short sale intake evaluation. Like most answers to short sale questions- it is- IT DEPENDS!

We know that sounds so vague but in short sales, things change from month to month, week to week and sometimes even day to day. The one thing that is constant in short sales is change.

​The major factors that determine how long your short sale will take are:

  • How many loans you have on your property.
  • How long it will take to get a good offer.
  • Who the servicers are for your loans.
  • If the servicers also own your note or if there is a private investor involved.
  • If there is mortgage insurance the lender took out on your property that adds another party who has to approve the short sale. If your listing agent has contacts in the executive department at the servicer or not.
  • What the BPO on your property comes back at and how close to the offer price it is.
  • And last but not least, can the buyers agent keep the buyer in the deal long enough or not.

Three years ago Countrywide was still doing the short sales and they took over six months to approve one. Then Bank of America took over Countrywide short sales and became the worst bank to deal with. Short sales took months and months and we even had some that took over a year.

But now Bank of America is one of the easiest banks to get short sales done with. We can usually get Bank of America short sales approved in 40 to 60 days, sometimes faster.

Chase used to be great to work with until they merged with WAMU who was awful. Then it seemed Chase took over WAMU short sale procedures and became slower than snails. They also have other companies handle their seconds like FSLO and other companies that are awful and rude.

But just recently Chase became very interested in completing the short sales. They even called us after denying short sales to see if we could revive them and they would get them approved. They are now also offering sellers with certain loan products up to $20,000 to do a short sale and have the entire deficiency waived.

The best thing to do is to allow the short sale process happen and get an agent who has a lot of experience with different lenders to list your property and help you maneuver through the short sale process. Your short sale can take anywhere from 3 weeks to 6 months and sometimes longer. They are taking a lot faster than they were 3 years ago.

Stop Foreclosure - Learn Your Options. Maybe a short sale is your best option. Florida Foreclosure Options - may be able to help you.

Call a Wellington Florida Short Sale Agent in Palm Beach County, Broward County, St Lucie County, Martin County or Miami/Dade County- call us today at 561-753-0135 for a confidential intake evaluation in order to estimate the possible outcomes of your short sale.


Wellington Florida Short Sale Agents - A Short Sale May Be Your Best Option

Are you behind in your mortgage payments? Are you trying to work things out with your bank and they don't seem to be listening, much less care about your situation? Did your loan modification request get turned down and now you don't know where to turn?

Well meaning friends and family members may not know exactly what your options are even if they have been through a foreclosure or short sale or bankruptcy. Each family has a different story. Each person who is underwater here in Wellington Florida has a different situation and each short sale is negotiated on a case by case basis.

There are many Wellington Florida property owners we can help:

  1. Wellington Florida residents - If you are a homeowner in Wellington Florida and your Wellington Florida home is your primary residence you may be approved for a credit from your lender to help you with moving out once we close with a new buyer on your home through a Wellington Florida short sale.
  2. Second Residences for Wellington Florida properties - If you live out of the state of Florida and own a property in Wellington Florida - like if you come down for the Equestrian season each year and you need to sell your property we may be able to get your short sale approved. Just because you don't live here does not mean that you can not do a short sale.
  3. Investors owners of Wellington Florida properties - If you own more than one house or townhouse or condo here in Wellington Florida and you can no longer make your mortgage payments from the rental income you are getting for your properties you may very well get a short sale approved. We have helped many investors get short sales approved and negotiated on their investment properties.

Call us today at 561-753-0135 for a private and confidential phone interview. There is no obligation. We do not charge upfront fees. We close on our short sales.

Click here to read what some of our past short sale clients say about us negotiating their Florida short sales.


Are You Tired Of The Buyer Walking? Short Sale Listing and Selling Strategies.

As I move around reading Active Rain comments and posts and cruise the internet I find a lot of listing agents lamenting about the buyer walked in the midst of the negotiations or right as the acceptance letter arrives for a short sale listing. Well, that used to be one of our biggest complaints also, but that changed as the market changed.

There is no problem for which there is not a solution.

We are in the business of helping our clients. So we need to be proactive in providing our sellers with alternatives to situations that may arise.

Anything listed under $400,000 is going to have multiple offers within the first 30 days on the market. That brings into question whether this is still a buyers' market.

Disclosure: every state is different so check with your state about contract law. This article is about Florida short sale contracts.

The last straw was when on three different listings after we had gone through the entire short sale process of negotiating with lenders that do not allow buyer substitutions- and after getting the short sale approval letters- the buyers walk using the home inspection clause in our Florida AS IS contract. One buyer withdrew their offer because the garbage disposal was broken even after the seller offered to put a new one in for them.

We discussed all this with our attorney who then drafted up a short sale contract addendum. We do not use the FAR short sale addendum. It is basically useless. I don't know one attorney that likes that addendum and I have no idea why the attorneys at FAR drafted that addendum.

Since we implemented our short sale addendum we have not lost any buyers.

Do we have buyer agents call us and flip out over the addenda? Of course! But we then explain the reasoning behind our addendum.

What does our short sale addendum consist of? Some of these items were already on our previous short sale addendum. We are just listing everything here so you know what is in our addendum including prior items.

  1. The buyer's deposit becomes hard at execution of the contract between buyer and seller. NOT at lender's acceptance. We tell the buyers' agents that our sellers and us will no longer work on files without the buyer committed to the deal.
  2. BofA files all have a 120 day acceptance period, no less. If your buyer needs less time than that, this is not the home for them.
  3. The terms and conditions of the third party lender must be approved by our seller. If the bank comes back with a cash contribution demand from our seller and our seller does not have the money- they can not close. BTW- that has not happened because we negotiate terms that our sellers can meet.
  4. The buyer is to do their home inspection within 30 days of buyer and seller signing the contract, not after the third party acceptance. Of course, the sellers must keep the home in the same condition as the home inspection states.
  5. If this is a cash transaction; we need to see proof of funds in the form of a bank letter, stock report, CD statement, etc. About 60% of the offers that come in on our listings are ALL CASH buyers.
  6. If this is financing: then the buyer must be approved for the loan- not pre-approved.

When a buyer does not want to pay $200 to $300 for a home inspection upfront because they don't know it the short sale is going to get approved or not- we tell the buyers' agent- that the buyer must not want the house if they are not willing to gamble a couple hundred dollars to get the home they want. Typically a family of four here is spending $200 going out to dinner every month. So the "buyer does not have the money" does not wash with us.

We have also had the seller pay for half of the inspection and the buyer pay the other half. That creates a win/win with a buyer who is hesitant because they see the seller is putting something forward also.

Do we have buyer agents call us and flip out over the addenda? Of course! But we then explain the reasoning behind our addendum.

Disclaimer: Now I don't recommend listing agents to use this type of addendum if they do not know how to close short sales. This is for experienced short sale agents. The biggest reason we can get this addendum agreed to by buyers is because we have a reputation of closing short sales. Any of the agents here can check with our MLS to see that we close our short sale listings and that our CTG status listngs change to Pending and then to SOLD. Our closing ratio is at 98% and that is after a lot of short sales. If an agent only has one listing that closes as a short sale and they only have that one listing they can say they close 100% becuase that is true, however that is based on only one closing!

Avoid Foreclosure! Call Nestor and Katerina Gasset for Short Sale Information Today- 561-753-0135!


Short Sales 101-Short Sales Are NOT Bank Owned Properties!

I can not believe we are even having to think about writing a post in today's market for Florida agents and the Wellington Florida real estate agents to explain that a short sale is NOT a bank owned property!! But we are!

Nestor asked me to write this because this really just happened and we hope to educate agents as to what happens when you make an offer on one of our short sale listings.

After we receive your buyers' offer we contact our seller who is the homeowner of the property and present the offer to him/her/them.

It is then up to the seller what he wants to do with the offer. He can reject the offer, he can accept the offer, he can counter the offer or he can choose to do nothing with the offer. Your offer expires if he does not sign the offer before the time for acceptance lapses.

On one of our listings we received 3 offers in one day. Most all of our short sale listings get multiple offers. When this happens; our sellers choose one offer that they feel is the best and often ask for our input based on our experience. Then the seller will choose a back up offer also.

If none of the offers meet with the sellers' approval and with our experience of what a short sale lender is going to approve then the seller may send back to the buyers a counter offer. He may choose just one offer to counter or all.

So there is one agent who had sent in one of the offers for her buyers. The offer was $20,000 below asking price, the financing clause stated that the buyer was approved for his loan, yet there was NO approval letter. There was a pre approval letter that said his financials, income, etc were NOT reviewed. All they did was pull his credit. The financing spaces were not filled in correctly. When I did the math, the offer showed that the buyer was getting 100% financing. Then the addendum stated that the buyer was also asking for 6% back from the seller.

Ok, so here's the deal: The other two offers are over list price and ALL CASH offers. It does not take a rocket scientist to figure out which one the seller is going to want to go with!

Let's see: let's weigh ALL CASH versus 100% financing!!!!

I told the agent that we sent the seller all the offers. He was out of the country and would not work the offers until he returned. We alerted all the agents about this.

Then Nestor gets THE CALL! The agent with this 100% financing clause in the offer starts yelling at Nestor- "You are supposed to send our offer to the bank!"

"What do you mean?, This is a short sale."

To which the agent continues to yell, "I looked up the tax rolls and it says that the mortgage is held by XYZ bank. You have to send our offer to the bank. The seller does not have any say in our offer."

Nestor tries to explain again that this is a short sale. The mortgage information on the tax rolls is to show who the mortgage company is. He tries to explain to her that the tax rolls clearly state that the seller is the homeowner and NOT the bank!

Then she tells him she has been doing short sales for a year now and she never sends the offers to the sellers. She just sends them right into the bank. WHAT!?

Then Nestor tells her that her buyer's financing does not look as strong as the cash offers but that is for the seller to decide. She then tells Nestor-

Well, if that was the case, ( and I just came back from an all day Contracts Class with an Attorney) then her buyer's offer needed to be written that way and not the way that it was.

So sometimes the buyers want to see how low they can go, how much they can negotiate and many times in our town, that will lose them the deal. Over 60% of our closings are with ALL CASH transactions.

Another example of misinformation on how a short sale transaction works and even who the principles are.

Foreclosure Is NOT An Option! Call Nestor and Katerina Gasset today at 561-753-0135 for a confidential interview regarding your options.

Don't Delay! Don't Wait Until The Sheriff Is Knocking On Your Door! Pick up your phone and call Nestor Gasset and Katerina Gasset at 561-753-9135 to see if you can avoid foreclosure.


Short Sale Negotiating Companies - Demanding A Part Of Your Commission?

We get the acceptance letter from the lender who approves a short sale we have the listing on. Then we get another email that says that we have to reduce our commission by 1%. That was strange, we thought.

We have done a lot of short sales with this particular small lender and never had an issue before with our commission. It is a small lender who mostly owns their own notes and services their own notes. This of course saves us a lot of time. With this particular lender we can close on our short sales within 30 to 60 days.

As we read the email again we noticed it was NOT from the regular bank negotiator. It was from a third party short sale negotiating company. The email states that they want 1% put on the HUD for payment to them. That they are now negotiating the short sales for this lender.

Well, excuse me but we did not hire this company. Our seller did not hire this company. It is the lenders choice to hire this company in their behalf and that means that the lender should pay the 1% to the company and NOT from our commission. Our commission has nothing to do with this company so why would we share it with them?

It never ceases. Everyone is digging in the agents pockets who are keeping these deals together. If it were not for the agents that do know how to negotiate short sales there would be a ton more foreclosures. We are being treated as an adversary with the lenders, not as the party bringing the solution to the table.

Needless to say, Nestor sent an email right back to this short sale negotiating company that they can get their own fee from the lender but that we have an approval letter from the lender with our normal commission and we are not changing our commission in the 11th hour!

Are you noticing short sale negotiating companies getting a piece of your pie lately?

Call us today at 561-753-0135 for a private and confidential short sale phone interview. There is no obligation. We do not charge upfront fees. We close on our short sales.

Read our Florida short sale agent testimonials and find out what some our clients say about us negotiating their short sale!


Are Short Sales The New Social Services?

I just noticed a Tweet that came across my Tweetdeck that said:


Lenders by and large are more desperate and insolvent than short sale borrowers. It's a balance sheet, not social services.

First of all, I totally agree that banks are desperate but not for the same as the tweet opines. Banks are desperate for more control. We are living with our heads in the sand if we can not see the patterns that are developing and how that will one day impact our business in real estate and in life in general.

I used to say: Follow the money. Well, now I say, Follow the power. It is about power and control.

How does the author say the banks are insolvent when they are getting TARP money? They are barking up the wrong tree.

And if anyone- agents, brokers, homeowners and buyers are acting like the banks are social services that is the banks' own doing. They are the ones who set up the "hardship" facade. What is that about? Do you think the banks really care about providing social programs to destitute homeowners?

Of course not! That is ignorance at best to even believe such a statement. Let's go back to why the banks would even require any type of hardship:

  • If it is all about the balance sheet - then they would not give one hoot about anyone's hardship?
  • If it is all about the balance sheet - then the short sale seller should not even have to fill out a financial form or turn in his tax returns or pay stubs.  
  • If it truly is about the balance sheet - the banks would do what they have to do to approve short sales based on numbers and nets, not someone's financial, medical or job situation.

Again, it is all about the power and control. And don't even start to kid yourself for one minute to think that the banks really want to work with Realtors®. This is not the case at all.

Check your ears on the bank lobbies, talk to people in the know at NAR who will actually tell you the truth about what the banksters lobby groups circulate around about the NAR and Realtors®.

Do you actually believe that the banks took kindly to losing their opportunity to get into the real estate business? Do you think they are fair players in the game of politics? Do you think that they just came out to shake hands and accept defeat?

Keep your eyes open. Nothing is as it seems. The banks will be back. They lost because NAR is a strong lobby group also. They lost a battle but they still plan to win the war. They will be back through whatever door they can get through, more on that later on.

Foreclosure Is NOT An Option! Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential interview regarding your options.

Don't Delay! Don't Wait Until The Sheriff Is Knocking On Your Door! Pick up your phone and call us to see if you can avoid foreclosure.


Arms Length Short Sales Transactions - There Are Exceptions To The Rules.

Most of the short sale banks have an arm transaction rule. Many of them require the agents, the title company officers, the buyer and the seller to execute an arms length transaction affidavit. If you are asked to sign this affidavit and you end up NOT having an arms length transaction than that is called fraud.

To clear up the misinformation about arms lengths transactions, here goes:

  • Not all short sales have to be arms lengths transactions.
  • Each bank has their own rules about arms lengths transactions.
  • It is not against the law to sell a short sale that is NOT an arms length transaction if there is full disclosure to all parties.
  • Some buyer's lenders will not approve loans in NON arms length mortgage loan applications.
  • It is against the law to commit fraud. Fraud is when you lie about the transaction.

We just got a bank who always uses the arms length transaction affidavit to waive that rule for our sellers! We had to promise to not disclose the name of the bank, but I will say, it was a very big one.

You have to be very good at negotiating and have a very compelling reason for the transaction.

How did we get an approval and successful closing on a grandmother buying the house for her son and grandchildren who owned the house?

A local real estate agent called us. She knows we close our short sales. She does not know how to do short sale negotiations so she asked us to list her son's house. Then she told us that she wanted to buy the house for her son so that his family, her grandchildren, could remain in the home they knew and loved. She was going to be paying cash for the house. The house was only worth 350K when the mortgage owed was over 650K. She did not want to lie or do anything fraudulent and either did we.

Nestor told her that there was a shot, but there was a very big chance that the answer would be no, especially knowing the bank that was involved. She said she still wanted us to try.

What was the reason for this request?

Her son went from making $150K per year to just about $50K. Her son owed over 650K on the house and obviously would be in danger of losing his house to foreclosure one day. Her son and his wife had several children but one of their children is blind. The parents had set up the entire house for the comfort of their blind son. He knew where everything was, he knew the back yard and he knew his school. Moving into a rental would have been traumatic and stressful for the blind son. The grandparents do not want to pay off a huge balance that is NOT market value but she was interested in paying the market value on the home.

By being able to do this, the grandmother would be able to pay the home, the son and his family- her grandchildren would remain in their home with security and stability- then they could pay her back over time.

We started the short sale process and when it got to the negotiator he just flat out rejected the file because he said it was NOT an arms length transaction and therefore he could not go further with the file.

Nestor escalated the file to the executive officers. The first thing they said to us was if they do this for us, then others would also want to do this. But the reason for the approval request was for a blind child to be able to remain in his home. This was not a story of someone trying to flip the property or someone just wanting to game the system. Nestor through very good negotiation skills- moved the executives to approve this transaction.

Then the bank came back with a counter offer a little higher than what grandmother had in cash. When she went to get a loan- she was turned down by the loan officer because on the buying end- guess what- it was not an arm length transaction. This bank would NOT budge. Putting all our heads together we came up with refinancing her house with Jeff Belonger and then using the refi money to pay off the short sale acceptance offer. Thanks to Jeff Belonger who is on Active Rain for being able to pull this off!

We had a successful closing. The parents and the grandparents were SOOO happy. They new we were able to do the impossible. The children never knew what all was going on and the parents were so thankful that they did not need to traumatize them. Their lives go on in the same fashion as they had done before the sale.

We are very thankful that this agent entrusted this heart wrenching short sale to us. We are very thankful that the executives had compassion for this family and exhibited that with their exception to their rule. We are so thankful that this short sale is another happy ending for another Wellington Florida short sale family.

Foreclosure Is NOT An Option! Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential interview regarding your options.


The Unintended Consequences Of The HOA in Short Sales!

We have a notice of expectations that all our Florida short sale sellers must sign when we agree to negotiate a short sale for them and list their property.

One of the biggest short sale deal busters there is: Past Due HOA fees.

We explain the consequences of a Florida short sale homeowner not paying their HOA fees; not keeping them current. If you choose not to pay your mortgage payment that is one thing but always pay your HOA fees. Keep your HOA dues current whether you are living in your property or not.

The HOA's are foreclosing on homeowners at an alarming rate right now in Florida. There are legislative changes that have been made and more being proposed in order to protect the Homeowner Association's financial well-being for the good of all the members of the HOAs.

Many homeowners think that they will just pay the past due amounts at closing or that their lender will pay them all for them. The short sale lenders for Florida short sales are NOT paying ALL of the amounts owed at closing for past due HOA fees. Each lender has their own rules about that and a lot depends on what they require to be their net proceeds.

The biggest problem we see is that homeowners are only adding up the amount of their dues and then multiplying that number over the number of months they are delinquent.

But that is just a part of the outstanding HOA fees. Once the homeowner goes delinquent, ( stop paying their HOA fees) a lot of other fees start to be incurred. They will then have late fees, attorney fees, foreclosure fees and other legal fees. The HOA fees along with all the other penalties incurred can easily end up being doubled.

We have not had a case yet where one of our short sale listings did not close over the HOA fees but it has come close. Because even though we advise our clients to keep their HOA fees current and what could happen if they don't- there are some homeowners who stop paying anyways. We have been in some close calls. Most of the time the cash buyers we have will come in and pay the difference but that is not a given so never depend on that.

Even worse than the entire short sale being thwarted by an HOA association who refuses to make a deal; they are no longer being amiable to negotiating down their fees and the HOA can and most of the time will file foreclosure against the homeowner. This can almost double or triple what the homeowner owes at the closing!

HOA's are foreclosing on properties and they are renting the units out. There is legislative language in the house that is being proposed that if the property is vacant that the HOAs will be able to rent out the units even if the property is not foreclosed on in order to protect the community interest.

Why are they being so tough? Well, it has to do with the viability and stability of their community. Those dues go to take care of the common grounds and many other things. If they don't have the money to take care of those things, the community gets run down. That is not fair to the rest of the homeowners that live there. They pay their fees and are no longer getting a benefit. Their values go down even more. Then on top of that, if too many people stop paying their HOA fees- the state has to come in and take over the HOA in a state receivership. That is not a good thing. Then, new buyers can not get loans to buy places in that community unless they put down at least 20% and sometimes 30%.

The other homeowners in the community don't feel that they need to be paying for homeowners who choose NOT to pay their HOA fees. They are putting pressure on their boards to not make deals because it is not fair for one person to have to pay the same as another.

My next post is about the extortion type practices of some attorneys who represent these HOA's. Make sure to read it because I will show you how high some of these fees can get when a homeowner does not pay their HOA fees over an extended period of time.

Avoid Foreclosure! Call Nestor Gasset and Katerina Gasset at 561-753-0135 for Short Sale Information Today!


Short Sale In The Field Training- One on One Is Now Here!

I know everyone has been waiting and asking when my Short Sale Success Strategy book will be completed. It is in the final stages of writing, then it will go to the editor and we will make the final written adjustments. Then I will have a graphic artist add the details and it will be ready.

One of the problems that I have been having is that nearly every day there is new information, new case studies, and rules change so often in the wild wild west of short sales. So I keep revising the book!

Nestor came up with a great idea and that is to finish the book and then offer every one who buys our book free updates on the new rules of the game as they happen in real time! Wow! That was a great idea!

We have been doing short sales in different parts of Florida even out of our market by splitting these short sale listings with other agents who do not know how to do short sales. We have successfully closed on listings in Tallahassee, Miami, Fort Lauderdale areas, Tampa, Orlando and other areas.

Now that we have become so busy we have not been able to accept as many of these outside of our area short sales from agents. We are training Milet to handle much of our short sale department but there is still so much that Nestor and I have to do to negotiate these short sales.

Since I am a real estate coach I thought that it would be better if I empower the agents to learn how to do a short sale themselves from start to finish. If we are doing the short sale part and the other agent is doing the local mls, sign, showings and all that; they are not learning how a short sale is accomplished in a hands on way.

Then one night I woke up with the idea that instead of turning down agents who need to partner up for their short sales that I will offer one on one in the field type training and coaching.

As this thought began to materialize I envisioned agents who do not know how to do short sales and agents who are not sure or have done a couple but want to learn more and to increase their closing ratios to be able to after one short sale listing be able to spread their wings and do the rest on their own.

If you are an agent who wants to learn how to do a short sale correctly in real time with real time training with a trainer guiding you through each step email me.

If you are an agent who is getting no's from short sale lenders and not getting a good healthy amount of closing- we close our short sales. It takes patience and perseverance but we close them. We thought we were going to have to claim our first lost short sale but with some creative maneuvering I came up with an idea to reignite the short sale and now it looks like we saved it after all, against all odds.

You should be able to close all of your short sale listings if you are in Florida. Email me if you are interested in our hands on training from start to finish-empowering you with the tools to succeed over and over again in short sales.

Short sales are a very lucrative niche market that you can really do well with if you have the proper tools and gain the knowledge and then apply that knowledge for experience.


Realtors® Specializing In Short Sales

Realtors® specializing in short sales have a lot to keep informed about. We meet regularly with attorneys keeping abreast of new laws and procedures. We have ongoing conversations and fact gathering sessions with executives from different servicers.

Your servicer is who you pay your loan payments to. Most often, the bank you pay your mortgage payment to is not the same bank that holds your note which is the promissory note that you signed when you bought the house.

Just because an agent has a short sale designation does not mean they know how to negotiate short sales. We have been through some of these designation classes and had to correct the instructors on occasion for passing out misinformation. Since they are not in the trenches day in and day out, there is no way they can keep up with all that they need to know to stay on top of the short sale transaction.

The one thing you can be sure of in short sales is that the rules are constantly changing. As a Realtor® specializing in short sales you need to stay current on what is changing.

You can not as a seller or as a buyer believe everything you read on the internet or in the newspaper. You should not believe everything you hear on the radio or watch on television. Just because it is spread through the air waves does not make it true.

Do your due diligence before you hire a Realtor® to list your short sale . Do your due diligence before you hire the agent who is going to help you get your short sale accepted by your lender.

If you are looking for a Realtor® specializing in short sales- Nestor Gasset and Katerina Gasset close 99% of their short sale listings. When an agent says that - you then need to know does that means they have one listing and they closed that one short sale listing? Because in truth, that is 100% is it not?

Read the Florida short sale testimonials that are on the agent's website that are from people who they did short sales for, not regular sales. Also, you can see on their sites if they have information that is going to help you or is it just a landing page with very little benefit to you in your situation.

Call Nestor Gasset and Katerina Gasset today for a confidential short sale intake evaluation at 561-753-0135.

If you are considering the option of short selling your Florida home in Palm Beach County, Broward County, St Lucie County, Martin County or Miami/Dade County- call us today at 561-753-0135 for a confidential intake evaluation in order to estimate the possible outcomes of your short sale.


Chase Short Sale Approval in THREE DAYS!!!

Chase Short Sale Approval in THREE DAYS!!! This one is for the history books! We did our happy dance with this short sale approval!

Negotiating the offer between the buyer and the seller took longer than it took us to negotiate the short sale with Chase and get the approval letter for the short sale.

The purchase price of the house was $750,000. Nestor did a great job getting the seller a fully paid and satisfied lien release as well as NO deficiency to the seller! And he got it in writing from Chase!

This was a CASH transaction, no appraisal and Chase owned the note so it was only brought to committee which of course saves time. We also double ended it. The buyer did have their own attorney to represent them and also an agent who was not licensed in the state of Florida.

We closed within a few days of getting the acceptance letter and the buyers now have an Equestrian Center home for the Equestrian seasons here in Wellington Florida.

Here is what the sellers wrote after the closing:

Katerina & Nestor,

​Thank you and congratulations on a job well done! Your performance with Chase was superb and Marla and I thank you very much for your efforts.

We wish you and your family a happy safe Holiday Season and a prosperous New Year!

If you have any questions, please do not hesitate to contact me.

Marc Freidman

Stop Foreclosure- Learn Your Options. Maybe a short sale is your best option. Florida short sales may be able to help you. Choose a Wellington Florida short sale agent.

If you are considering the option of short selling your Florida home in Palm Beach County, Broward County, St Lucie County, Martin County or Miami/Dade County- call us today at 561-753-0135 for a confidential intake evaluation in order to estimate the possible outcomes of your short sale.


Florida Short Sales - What Do You Do To Keep The Buyer From Walking?

If you work with short sales you know that you work hard, calling the banks every day, moving your file along at a snail's pace yet sinking your teeth in and not letting go until you get the right answer for your seller from their short sale lender only to find that out that buyer is going to walk the day before the approval letter shows up!We received the following email from Brad Officer. I asked him if I could use his email and answer his question in a post. So I have his permission to reprint his question here:

We received the following email from Brad Officer. I asked him if I could use his email and answer his question in a post. So I have his permission to reprint his question here:

Hi Nestor and Katerina,

I'm a Remax agent in North Florida. I work mostly on the sellers side and I do mostly short sales. I have a heck of a time with buyers flaking out and canceling agreements before we ever hear back from the banks. Many times they just find another home that they like better.

Curious if you guys are putting any "early termination" clauses in your agreements? 

Thanks for your thoughts!

Brad Officer
RE/MAX Specialists | Jacksonville, FL

We also work with sellers and our buyer agents work with buyers. We do mostly short sales also.

This is a Florida agent and we will talk Florida short sales here. The suggestions we place here are based on what you can do in Florida. Disclosure: I am not an attorney and I am not giving legal advice. Please seek the advice of a professional attorney before implementing any contract changes or adding any verbiage to your contracts or offers or documents.

1. The first thing that I would do is get a short sale addendum that will work for your clients.

 The FAR BAR AS IS contract and the FAR short sale addendum are the documents mostly used in short sale offers here in Florida. But the short sale addendum is a very poorly written addendum and more to serve the buyer’s interests and not the sellers, in our opinion. There is NO law that says you have to use this particular short sale addendum. You can have your broker or your attorney draft a short sale addendum that will help your sellers. 

  • If you are using the FAR short sale addendum you can add an addenda that says that the earnest money is to be deposited with the sellers’ title company or escrow agent upon the signing of all parties to the contract for sale and purchase.

2. We know how long each bank takes to process their short sales. Based on that information is how long we counter the buyer in their time for acceptance section of the short sale addendum. If it is Bank of America- we ask the buyers agent to make sure that their buyer understands there may be a longer wait than they might expect. We go 120 days on our addendum for BofA short sales.

For Chase short sales we put 90 days, Bank United we can use 60 days and so on. We send the buyers agent a notice to give to their buyer explaining how a short sale works and how long it could take along with important facts. You must get up front from the buyers agent how committed their buyer is and if their buyer walks before the time for acceptance has passed- they will not have their deposit money returned.

We still have had contracts where the buyer walks away from their deposits. We had one short sale where the buyer walked away from $5000 deposit. So it happens no matter how much you try to hold it together.

3. Communication is the key. We are in constant contact with the buyer agents. Whenever there is movement on a file, we let them know. This helps to keep them in the contract.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Florida Short Sales - What Do You Do To Keep A Buyer From Walking?

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Florida Short Sales - What Do You Do To Keep A Buyer From Walking?*


Dear Mr and Mrs Short Sale Buyer

You really like one of our listings and you asked your buyers' agent to write up this offer for you. You want to make sure that we know you really want this house and are in love with this home. We then get this offer from you that says:

  • You are putting NO money in escrow right now.
  • When the short sale acceptance comes in you are going to put down $1000 in escrow yet you are putting down 40% in cash towards your loan. The asking price for this property is well over $400,000!
  • You are only giving the seller 30 days to get third party approval from his short sale note owner.
  • You added that the seller is not allowed to continue to market his property.
  • You added that the seller is not allowed to accept back up offers or multiple offers.
  • You want 30 days to get loan approval AFTER the third party acceptance.
  • You will not do your home inspection until 10 days AFTER the third party acceptance.

AND you want us to go to bat for you to get your offer through?

FOR WHAT?

What are you bringing to the table? NADA, ZIP!

You have plans to have your agent take you out tomorrow to look at more homes in this neighborhood in case you find something better than this one you put your offer in on.

Sorry - the game is NOT played this way.

You may think this is a buyers' market but we have news for you: Most ALL of our short sale listings are receiving multiple offers in the same day or two.

Our sellers counter offer is:

  • You WILL put $5000 earnest money into escrow upon both buyer and seller executing this bi-lateral contract.
  • You WILL place an additional deposit of $5000 in escrow upon the seller sending to you in writing that his short sale was approved.
  • The offer becomes an effective contract at the time of both parties executing this agreement.
  • The short sale lender in this particular case is taking about 75 days to give acceptance to short fall so the time period in the contract is changed from 30 days to 75 days.
  • You will get your home inspection within 30 days of effective date.
  • You will get loan approval NOW , not after third party acceptance.
  • Our seller does not accept pre-qualification letters.

Too many sellers are left hanging at closing with buyer's denial letters from their mortgage companies.

Upon receipt from the title company that you have the escrow money deposited; we will place the property CTG with short sale.

  • Seller reserves the right to accept a back up offer.
  • CTG will get changed to Pending in the MLS once all of your contingencies are removed.

You are entering into a legally binding agreement. Please advise with your attorney.

If you walk away from this contractyou will forfeit your deposit.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Dear Mr and Mrs Short Sale Buyer

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Dear Mr and Mrs Short Sale Buyer*


South Florida Short Sales and REOs Offer Great Values

South Florida Short Sales and REOS Offer Great Values For Investors in Palm Beach County Florida.

Prices are the lowest they have been in years and with interest rates climbing back up this might just be a good time for the seasoned investors to purchase Florida properties.

This is not a flip and turn market, but rather a buy and hold market right now. With the stock prices falling there are many investors moving money into the real estate market. There are areas of Florida where you can get a positive cash flow on rental property that you was unheard of few years ago.

The rental investor market really took a beating for several years in Palm Beach County because the negative cash flow simply did not make sense.

Donald Trump is advising investors to buy now in Florida and also for move up homebuyers and first time homebuyers to purchase their homes using the new tax credit that is now available.

If you want to invest in the Wellington Florida area you will be able to find properties from Condos and Townhouses to Single family homes. The prices can range from below $100,000 to into the Millions. It all depends on what your use will be.

The lowest prices in this part of Florida are in Port St Lucie in St Lucie County which is north of Jupiter. You can find 3 bedroom single family homes with about 1600 square feet under air for $130,000. These are 2003 prices! You will be able to get some great bargain prices there as most of the homes for sale in Port St Lucie are either foreclosures or short sales. The prices have gone as low as 30 cents on the dollar of the mortgage owed by the homeowner to their lender.

Nestor Gasset and Katerina Gasset's real estate team can find you just the right investment properties that fit your criteria. We only work with one investor in one market area per agent at a time so that there is no problem about making choices of which investor to be loyal to in our findings. We simply ask you to sign a buyers' representation agreement with us. The retainer fee which is refundable at closing is determined by the scope and complexity of the criteria with which you are searching and the quantity and quality of the offers that will be presented.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.


Florida Condos Get More Aggressive With New Laws

This week Florida Condo Associations got a big boost from Governor Charlie Crist when he signed a new law favoring the Condo Associations.

Now, pay attention those of you who live in Condos and are NOT paying your HOA fees and CONDO fees when you stop paying your mortgage, when you have walked away and left the keys on the table and even if you are working on getting a short sale approved!

Condo associations can now go after you for TWICE the amount of delinquent dues owed to them.

They were limited to six (6) months of dues in most cases. Also, the banks don't want to foreclose on Condos because then they will have to keep the units up, pay the dues and take care of maintenance issues and special assessments. Now the banks when they foreclose will have to pay one year's worth of back dues.

The new law also allows Condo Associations and Homeowner Associations to lock you out. That means no more access to your pool or other common-ground amenities.

This law also confirms the ability for the HOA and Condo associations to be able to rent out the condo units to collect the HOA fees without going to court. This will save money from the HOA budgets and expenses. They will be able to take over the units, rent them out and use that money towards the dues that are owed to them.

Another part of the new law is called: "Distressed Condominium Relief Act." This part of the law relieves the Condo Associations from delaying very costly improvements like upgrades to fire alarms, elevators and fire sprinklers.

In Florida the condo market was a hot, hot, buy where people stood in line for hours and sometimes parked overnight to put down a deposit on a unit that was not built. The units then were flipped over and over again, several times to make a profit. Then the developers ran around converting apartment buildings all over Florida to condos.

Boom, bust comes along and investors who got caught holding the hot potatoes walked away and stopped paying dues.

When we take short sale listings where there is an HOA or a Condo association involved we tell the sellers that a condition of our listing terms is that they must keep current with their HOA fees and Condo fees. If you are a listing agent- consider having some type of agreement like this.

In short sales the second biggest obstacle we run across are the lenders being really tough on paying these delinquent HOA fees.

We have had some sellers who were already so far behind that they could not catch up and we took the listing because we knew we could get all cash buyers to the table who would pay off the delinquent fees.

Don't Delay! Don't Wait Until The Sheriff Is Knocking On Your Door! Pick up your phone and call us to see if you can avoid foreclosure.


Short Sales- As The Short Sales Turn *Reality Short Sales*

If you work in Short Sales you will appreciate this As' The Short Sales Turn' Reality Short sales or should I say, sagas!

Nestor and I list a lot of short sales here in Wellington Florida and Palm Beach County Florida. Most of the short sale listings are in the foreclosure process. Because of the amount of short sales in our area we decided we would do a series about short sales where we explain the short sale process and the qualifying factors to do a short sale. From there we will be continuing the series with what the buyer needs to know about buying a property in a short sale and what the seller needs to do to complete a short sale.

We also hope this series will help the real estate agents in our area and around the country to understand the short sale process in order to better assist their buyers in procuring a house through the short sale. If the agent is listing a home that will need to be sold as a short sale he or she will know more of what is involved.

This particular post is letting you know some of the ups and downs within the negotiating process that we deal with on a day to day basis.

There are lenders who are efficient in their short sale departments and then there are, well, should we say, lenders who are just not from this planet!

We had this listing that we received an offer on and turned in a whole short sale package which on average consists of about 80 to 100 pages of documents and verifications. Nestor puts this whole package together, OH, BTW, you must add the loan# on the bottom of every single page before faxing it in, he faxes it to the lender. The next day, we find out that they just sold the loan to another lender! We call that lender and guess what! They had NO idea that the seller was in the short sale process. Needless to say, the whole process starts all over again and has been going on since November!

Now on another short sale listing, Nestor sends the package all in and the lender confirms they have received it. They order the BPO. We get the call that the BPO is being done and we are told when she turns it in to the lender. Then when Nestor calls the lender, they say they do not have the BPO! Well, we know they do. It was so funny because the person puts Nestor on hold, and while he is waiting, he calls the agent who did the BPO and she is telling Nestor that of course she turned the BPO in by the deadline the lender gave her. The person from the lender gets back on and hears Nestor and the agent talking and then says, " Oh, we found the BPO." Now this same lender calls our seller a week later and asks him how is his sale on his house coming along! He tells them, it is not coming along because you, the lender, is not doing anything to get this deal done and you have not approved the sale so how can it be coming along!

This one wins the boobie prize! One of our sellers calls the lender to ask them to help them out with a freeze on their interest rate as per our President's request to have the lenders work with homeowners who do not want to ruin their credit, etc. The guy tells this seller that they can not help them and that he does not know what they could possibly do. Then he is looking at their file about their property and says these words, " Gee, you can buy a house for only $150,000 the same size as yours there here in Texas!" They try to explain they are not moving to Texas and that they want to keep their house. He again says to them, "Why don't you move to North Carolina or something!" At least it wasn't someone from India telling them to move there! What a trip!

You must know what you are doing, be very patient and have very good communication skills in order to succeed in short sales. If you are an agent make sure you have a thick skin and are up to dealing in short sales. If you are a buyer who is interested in buying a short sale stay tuned for our series on short sales in Palm Beach County so you get all the information you need to know. And Sellers, you must choose an agent who has the skills and experience to negotiate with your lender and knows what to do in these circumstances should they arise.

Stay tuned for more As The Short Sales Turn as we share this Reality short sale series!

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

Visit our profile to find out more about our services. Call us today at 561.753.0135 or Toll Free 800.444.3316. You can also contact us through email, Facebook, and more!

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

P.S. If you are listing your home as a short sale make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more.

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales- As The Short Sales Turn Reality Short Sales*


Establish Short Sale Referral Partners With Your Local Realtors®

We just had a closing yesterday and this is the email we received from the buyers' agent. She has given us permission to post her feedback and working with us on a short sale listing:

Wellington FL Short Sale Services

This email reads:

Dear Katerina, Milet, and Nestor;

Finally, we are DONE with this short sale! Thank God! I want to thank all of you for making this happen after 10 long months, 2 buyers and countless emails!! Yet, anybody else will simply be referred. I've learned I don't have the stamina you guys have for short sales 🙂

All the best,

Marta Alder
South Beach Investment Realty

There are very professional agents in our town that do not list short sales. One of those agents is a very prominent Polo player's wife. She refers her clients to us to do their short sale listing and negotiating and had never even asked for a referral fee. She just keeps sending her clients our way.

We just listed one of her referrals as a short sale. When her referral called us, he told me that his agent had referred him two different agents, us being one of them. The first agent had already been to his house. He was 'chomping at the bit' according to the seller to list the house. When he called me and I told him that I first do an intake evaluation over the phone to examine even the possibility of his being approved for a short sale- he was a little taken aback.

I told him that we did not want a listing we could not get to closing. He told me about the other agent and I said, that is fine. List with the other agent but let's first make sure you understand how a short sale works and if you are even willing to play ball. After about 15 minutes into our phone interview the seller politely interrupted: " I just need to tell you, I was not impressed at all with the other agent. Whatever it is you need me to do to list with you let me know and I will get it done today." I doubt if the other agent even asked one qualifying question. The seller is a Polo Player and his house is going to sell fast. 

After the seller provided the paperwork to us via email, Nestor went over to take photos and to look over the property. Nestor was ready to give him a marketing presentation because we did not know what his agent would expect. Always be prepared. The seller said: "I don't even need a presentation- Don't even open your laptop. I know you guys know what you are doing. After I spoke with your wife I called my agent and told her that you guys are the only short sale agents she should ever refer anyone to. I told her to forget about referring any short sales to that other agent. It is like the difference between night and day."

If you are NOT desperate to get listings- you will get more listings!

If you are a short sale agent that knows the short sale niche you can establish some great referral partners with local agents in your community that do not list short sales.

Avoid Foreclosure! Call Nestor and Katerina Gasset for Short Sale Information Today- 561-753-0135


What Short Sale Lenders Say About Agents

Since we list a lot of short sales and close on these short sale listings we get the opportunity to talk to many supervisors and executives at the different lenders and servicers that make decisions about accepting a short pay off on a mortgage.

We have developed some good working relationships with negotiators, supervisors and executives at many of the short sale lenders and their servicers over the years to the point that all we have to do is send an email when things don't go right and we will get immediate attention to our situation. This benefits our sellers tremendously and it helps to assure Buyer agents that we know how to get their short sale offer to closing as long as they implore patience.

This has also given us a chance to discuss why it takes so long and why so many other short sales fall through and never get to closing or fall apart at the closing.

The number one reason direct from the mouths of the short sale lenders is that the real estate agents do not know how to do short sales, don't understand the process, send in incomplete files along with incorrect information and do not return phone calls to the negotiators when they need to ask for additional documentation.

Our buyer's agent can attest that this is also true for her. She has lost short sale offers for buyers because the listing agents do not know how to do a short sale properly, that they don't communicate properly with the negotiators.

I can not tell you the number of times that a short sale negotiator or supervisor has told Nestor, "Thank you for being on top of the files, thank you for turning the short sale package in completed, thank you for being patient."

I promise you that yelling and being a bully is not going to get your file worked on.

This is why Countrywide has now said that if an agent does not return requested additional documentation within 3 days of their request they will just close the file.

Why is it that every one of our short sale listings close or will eventually close as a short sale no matter how long it takes us while the national average is so low for closings on short sales? Is there a common denominator?

We have one short sale going on 2 years now without a closing, but we just got another offer, the 14th offer on this property and this time the agent who did the BPO finally got it right! We will close on this file, finally.

Don't shoot the messenger.

For more information about short sales read our short sale information series!

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *What Short Sale Lenders Say About Agents*


Short Sales in Palm Beach County Florida- Successes To Celebrate!

Short sales success updates for Palm Beach County Florida! It is always the sweetest sound when the phone rings and on the other end is the negotiator for one of the many lenders telling us that we have a short sale approved and the acceptance is on its' way!

YEAH! We had 3 short sales approved this week! Not one, not two, but three!!! YEAH!! Time to Celebrate!

Short sales are a lot of hard work and time intensive so when we get the approval we hang up the phone, jump up and down, give everyone a high five and then call our sellers to tell them the good news. After that we call and tell the buyer agents the good news.

We had a record time this past week with all three of the short sales. Two of them are with WAMU who is now Chase.

We had a short sale offer on one of our listings less than 10 days ago and got the approval on Tuesday! Is that a miracle or what! The seller was a call from our expired mailing package.

The second short sale approval took a bit longer with the same WAMU but we started that one before Chase was taking over. That one we had an approval on within 45 days from the time we got the offer. The seller was a referral from an attorney who refers short sales to us.

The third short sale acceptance was one in which the lender told us ahead of time what they wanted for the property. It was a rare instance where the price we had it listed at was the approved price so no BPO was needed after the offer came in. The offer came in at the exact list price. The agent on that offer was so nervous because he never wanted to make an offer on a short sale for his buyers. We put him at ease and convinced him that he was in good hands with us. Now his buyer is SO happy because we had an approval back within one week of her offer coming in! This seller was from a call from our Active Rain blog!

One from each of the sources we work on getting our listings from! How about that! We are happy campers tonight!

For more information about short sales read our series at Short Sales Florida.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

Visit our profile to find out more about our services. Call us today at 561.753.0135 or Toll Free 800.444.3316. You can also contact us through email, Facebook, and more!

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

P.S. If you are listing your home as a short sale make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more.

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales in Palm Beach County Florida- Successes To Celebrate!*


Strategic Defaults and Strategic Short Sales- Do The Moral Police Get To Decide?

There are many posts being stirred up as emotions arise from this debate over a moral duty to pay your mortgage payments to your lender.

Lydia Puller wrote a post here that sparked some heated comments to which Michael Lissack then responded. Lenn's tattoo post brings it home to point out how utterly ridiculous it is to pass moral judgment and force people to pay their house payments.

It never seems to fail that short sale posts and strategic default posts bring out the moral police.

I have noticed that many of the same people who scream that if you have the money to pay your house payments and choose not to should be punished or forced to pay up are also the same people who come rushing to the defense of homeowners who lose their jobs or get relocated because those are 'hardships'.

In fact, I have read comments from many agents who will not even consider helping a seller with a strategic short sale.

When you make a moral statement such as this- you must then ask yourself- at what point is this a hardship or not? Who would be the judge and jury about whether you can afford to pay or not?

Case in point:

What if you get called by a homeowner to go over his options? He is now in default. He is no longer making his mortgage payments. You go through your short sale qualifications with him. He tells you he lost his job a few months ago and now can not find one.

So you say, oh my gosh, I feel so sorry for you! You poor thing! You lost your job.

You can do a short sale, you pass the hardship test.

Well, why did you come to the assumption that just because he lost his job he has a hardship? Because that is one of the reasons that is readily accepted.

But if you are going to tell one person they can not do a short sale because they can pay but this guy- he lost his job so he can get one?

Are you going to really call his boss to check why he lost his job? What if he is a total abusive jerk and got fired. Then went to collect unemployment. He proves to you and his lender that he lost his job because he is getting unemployment. What if he has no intentions of getting another job and after he lives in his house as long as he can, he just plans to move in with his mother.

But are you going to investigate? You should if you are the moral police! If you are in the position to judge who is worthy of a short sale and who is not, then you should use the same measuring stick for all.

If you say no to one person because you believe they are morally wrong for not paying then you should be applying that same standard through all your dealings with all your clients.

Is it not at the end of the day, lack of personal responsibility the reason for most hardships? Of course, because most anyone can change the course of their life. That is a tough statement but saying those who do have the money are the ones that should be punished is just as harsh.

So who are we, you, the government or any lender the moral police to decide whether someone can do a strategic short sale or not?

There are all kinds of reasons people can't, won't or don't pay their mortgage payments and that has happened since the very beginning of loans.

This is a business decision not a moral obligation. If you want it to be a moral decision for you, that is your decision for your own situation but not for others.

We do strategic short sales. We are presently listing 4 properties owned by an investor. They are all upside down. They all need to be sold. This investor will contribute to the kitty. They will also be 1099'd and the loss will be treated as income according to the IRS. It is still better in her situation than to just walk away. But that is her decision. Not mine, not yours.

And why would we NOT help her????

If a homeowner or an investor chooses NOT to pay their mortgage payments that is a decision between them and their lender. There is nothing within their note or promise to pay that says that if they get relocated or they fall upon hard times they don't have to pay but if they have the money they have to pay!

Take out your note and your mortgage instrument for your loan on your house and read it. We challenge you to show us where in either your note or your mortgage documents it says that you are being forced to pay your mortgage. I have read many mortgage instruments and no where does it say that there is a moral obligation for you to pay or that it is right or a moral duty for you to pay.

It is each borrower's choice to pay or not to pay. If you pay you keep your house. If you don't pay, you don't get to keep your house because you used your house as collateral. It is the borrower's choice to ruin their credit or not. It is the borrower's choice to go into bankruptcy or not. It is no one else's decision. The consequences are between the remedies the lender has set forth in the note to repay the loan and the defensed the borrower may wish to enlist an attorney to bring up before a judge in the state of Florida.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.


Agents! A Short Sale Is Nothing New!

Sometimes I just can not believe that there are some agents that have passed their Real Estate License test!

I just received a call today. The agent Googled 'Foreclosures' in our area and our blog and website came up first. I know she was calling from our Blog because she called on my cell phone and our website has our office number. So this is how it goes:

Agent: I am calling about your foreclosures.

Me: How did you find out about about us?

Agent: I Googled Foreclosures in Wellington.

Me: We don't have any Foreclosures listed for sale but we do have short sales.

Agent: WHAT IS A SHORT SALE?

Well, of course I explain to her that a short sale is when the owner of the property has to sell his house for less than what he owes the bank.

But this is the BIG Questionhow does a Real Estate Agent in the state of Florida NOT know what a short sale is? That is a part of our licensing course here.

I can understand that you don't know how to do a short sale or that you have never done a short sale but to not know even the definition just baffles me.

Short Sales are nothing new. They have been around as long as mortgages have been around. Back in the early 80's we did Short Sales. Short sales have been negotiated ever since I got licensed for the first time many moons ago.

BTW- When a property owner has to sell his property as a short sale he is not foreclosed on at this point. The owner is still the property owner and NOT the bank here in Florida. We are a deed state.

Even is she did not remember the term and the definition from class has she been living under a rock this past year? This is what many of our listings in our county are- SHORT SALES! Look it up!

I am always happy to help but I also have to make a living and it seems that as of late we are always on our phone explaining to agents how to write up an offer for a short sale for one of our listings! Where are the brokers? What are they doing? Hold a mandatory sales meeting and go over these terms and what they mean!

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Agents! Short Sale Is Nothing New*


Broker Bryant! I Think I Just Found The Place To Top Your Poinciana

Broker Bryant! I Think I Just Found The Place To Top Your Poinciana In Short Sales and Foreclosures!

Broker Bryant writes a lot of posts about what his market is like in Poinciana Florida which is a bedroom community to Lake Buena Vista, Florida. Some of his posts talk about how hard it is to get loans there and others about the sheer numbers of short sales and bank owned properties eroding the market there and really hurting the home owners who need to sell and can not compete against these short sales and foreclosed properties.

I love reading Forbes magazine and read it monthly. This past month there was a report in Forbes that San Diego was the city with the most foreclosed properties in the nation but lo and behold, the city that took the #3 spot on the list of most foreclosed properties in the entire nation was in Florida and it was NOT Poinciana. It was Port St Lucie Florida!

Port St Lucie Florida has the most Foreclosed on properties and the most short sales offered for sale behind 2 other cities in the United States!

Nestor and I went to Port St Lucie to put up some For Sale signs on 2 new short sale listings that we got from our Active Rain Blog. Do you remember the photo that Broker Bryant uses on his blog with all the For Sale signs in one place? Well, Port St Lucie tops his photo! I have never in all my 26 years in Real Estate seen anything like this and either has Nestor. We have been in many markets in different states but this sight beat anything we have seen.

You did not drive for more than 20 feet without seeing a For Sale sign! They were everywhere! Most of the prices in Port St Lucie are falling back to 2000 prices.

Not only that but check this out! We went to a Foreclosure Defense seminar that our attorney was putting on that night. We met an agent at that meeting that lives there and will not do short sales. He will refer his short sale business to us. But the amazing thing is this:

Port St Lucie laid off almost all of their building inspectors because new construction obviously has practically come to a screeching halt! But they are hiring court clerks! Saint Lucie County had to add on a second shift and then a third shift of clerks to process the Lis Pendens, the Foreclosures, the Final judgments and complaints. That means they are working 24 hour shifts just to handle the paperwork that comes with all these foreclosures.

Homes that sold for $300,000 just a few years ago during the over inflating of the prices are now being sold for $75,000!

You can buy a brand new home in Port St Lucie for $80,000! This is incredible for buyers and investors. Now you can actually buy a house and rent it out and have a positive cash flow again! School teachers only bring home $2,300 a month and were priced out of all the markets in South Florida can now afford to buy a home!

Not only that, but snowbirds who just want a winter get away can find a second home at such affordable prices, heck, even less than a time share and be minutes to the beaches and great PGA golf courses.

I don't see this as a negative at all! I see this as a market correcting itself. You see, Port St Lucie is like a retirement area and does not have any infrastructure for industry or jobs. There is no night life or downtown areas where you can go to a ball game or a concert. You have to drive everywhere when you live in Port St Lucie.

What happened during the boom is that the investors and speculators started running up to Port St Lucie to buy up all the lots and start reselling. When you walked into a new home model to inquire about pricing, you would be talking to the salesperson and as you were talking the prices would go up! I mean in 15 minutes the price of the house would go up $5000. This was a bubble waiting to burst! It was insane! Nestor told Centex homes NOT to build there. Nestor told all the major builders to stay out of there. Nestor warned that it was going to crash! And Crash it did! It was like the wild gold rush and once everyone got there, there was no more gold.

There was an auction last weekend and the banks were auctioning off 20 homes per hour and not one house sold for more than $80,000.

Since we enjoy helping sellers to get out of their financial woes and help them avoid foreclosure, we see this as a great opportunity to list and sell many of these short sales in Port St Lucie. The lenders own so many homes in Port St Lucie Florida that they do not want to own even one more. This is one area where we can get a short sale done quickly.

So if you know anyone who needs to sell their property in Port St Lucie Florida as a short sale have them call us, we can help.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Broker Bryant! I Think I Just Found The Place To Top Your Poinciana*


Good News! Another Short Sale Closes- Tallahassee Short Sale! Active Rain Blog Call!

We just closed another short sale successfully, this one was a listing in Tallahassee Florida. The seller found our Active Rain blog and called us for our short sale experience. He did not live in Florida any longer so we handled the entire listing and sale via email. Our Active Rain blog brings us 2 to 3 listings each week. I wish I could clone myself and write more posts to get even more!

We then began to search for an agent in Tallahassee which prompted me to write the post "Does Anyone Work In Tallahassee Florida?". Through that post Leigh Brown from Charlotte, North Carolina let me know she had used Mike Carlos who was not a member of Active Rain at that time. I since invited him to Active Rain and he is now blogging!

Our Tallahassee listing was cobroked with Mike Carlos. It was a great team effort, we handled the short sale negotiations and Mike handled the inspections and the MLS in Tallahassee, put up his sign and lock box.

This was the fastest and smoothest short sale we have done to date! Nestor and Mike priced out the property and we reduced the price every 10 days until we got offers. The house was a cosmetic fixer because the tenants let their dogs chew up all the window sills and poop all over and not clean it up. It smelled so much like dog poop that the buyer who bought the house told me she had to cover her nose with a blanket just to look at the house.

The listing of this short sale was an instrument in creating new relationships and friendships. The buyer happened to be a real estate agent who handled much of her side of the deal herself through me, who kept her abreast of each step. There were two offers on the property. We became friends.

The lender was very nice to work with. They had their BPO ordered within a week and they accepted the higher offer and did not even counter back. We had our listing commission at 7% and the buyer needed her commission for part of her closing costs and the lender approved that as well. They did come back to Nestor and tell him we needed to send them a new HUD reflecting 6% instead of 7%. Mike and us split 1/2 of that and the buyer, who is an agent got her half. Everyone was happy. This was the smoothest transaction for a short sale. From start of receiving the offer to closing it was about 35 days.

At the same time this transaction was going on; my ordeal with my family property in Latvia was reaching deadlines. It just so happened that the buyer worked right across the street from our State Capital and offered to help me after reading my blog about Latvia and apostilled the necessary documents for me. So I thank her from the bottom of my heart.

She is so happy and excited to get this home for her family! The beauty of short sales is that the prices come down to where they need to be for buyers to afford to buy homes and make the mortgage payments.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Good News! Another Short Sale Closes- Tallahassee Short Sale! Active Rain Blog Call!*


Palm Beach County Short Sales Testimonial -Choose A Short Sale Expert Agent

Palm Beach County Short Sales- Choose a short sale real estate agent who knows how to close on short sales.

  • Have you been served with a foreclosure summons and complaint?
  • Are you behind in your mortgage payments?
  • Are you looking for a way to avoid a foreclosure?
  • Do you know what all your options are?

You may be qualified to do a short sale on your property giving you time to restart your life if you have suffered a hardship.

We have written a series of articles about what is a short sale, how you qualify for one and how the process works.

You can click right here on this blue writing to find our articles about Palm Beach County Short Sales.

The following is a letter we received from a seller in Wellington Florida that we had a very successful short sale closed on. We were able to negotiate for this seller a fully satisfied and paid mortgage with out any financial implications to haunt him later on. He had PMI insurance and Nestor was persistent to the point the PMI company did not make our client sign a promissory note which is very common for them to do require.

​Dear Nestor and Katerina,

I wanted to take a few minutes to write this short note and express my deepest thanks and gratitude for helping us with the sale of my home recently in Wellington, FL.

I was not entirely sure of how my situation with a home that was totally “upside down” was going to unfold, and I had no experience with the short sale process. There was very little information available on this subject on the internet, and the Realtors I spoke with prior to engaging you seemed to know even less than I did.

You were clearly very knowledgeable about the process, and were able to describe the general flow of how things would work, and answered all my questions. You were able to put my mind at ease about the entire process, and made me feel confident that we could complete the short sale transaction. I am especially grateful for your prompt responses, and you were very easy to get in touch with whenever we needed to.

I wanted to thank you for dealing with the PMI company when they nearly derailed the whole deal.

Top Wellington FL Real Estate Agent Testimonial

You were able to expertly guide the process past this snag and get them to accept the offer. And need I mention the last minute near disaster with the buyers on the night before closing? Yet again you intervened quickly and made sure that this transaction was completed and went through closing the next day.

I would not hesitate to recommend your services to anyone, as you carried yourself professionally at all times. You helped my family through a rough spot in our lives and helped us move on to a new and brighter future. I would be glad to speak to anyone in the future if they ever would like a reference.

James Diehl

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Copyright © 2017 By Katerina Gasset, All Rights Reserved. Palm Beach County Short Sales Testimonial -Choose A Short Sale Expert Agent*


Palm Beach County Short Sales- Is Pressure Mounting For Homeowners Who Don't Pay Their Mortgage?

The biggest disconnect we believe in the short sale arena is the fact that the banks do not stop the foreclosure proceedings when you are trying to do a short sale. This creates so much stress on the homeowner, the buyer, the buyers' agents and the listing agent- always trying to get foreclosures postponed or slowed down.

Most often, the best process to follow is to hire a qualified and reputable attorney who will defend against your foreclosure.

We are seeing an increase of calls to collect payments, more aggressive conversations with homeowners and more negotiating being done with reps from the banks calling our sellers directly to offer deed in lieu(s) while we are in the process of doing a short sale.

Some sellers are surprised that they still get collection calls even after signing authorization forms giving us permission to talk to the lenders.

Of course we tell our sellers that these calls will happen. We have some sellers who just don't answer their phone anymore when the bank calls but we also have other sellers who want to continue a dialogue. I don't believe they really understand the scope of what they are engaging in when they have the conversations.

We have noticed an increase in the collection calls and an increase in trying to get the sellers to cancel their listings and do deed in lieu.

Remember that a deed in lieu is a foreclosure without going to court.

When you owe money to a bank and you do not pay your mortgage it is the bank's job to collect the money that you owe to them. You owe the money. So the bank is calling you to see what they can get out of you. When they start talking about how they are going to help you - keep in front of your mind- the bank is NOT there to help you. They are there to collect the payments you owe them.

You have to stay the course. There will be by the banks to persuade you off your course, there will be good intending friends and family members who will tell you a different path to go down. But the choice is only up to you. Whatever your choices are, you need to understand what those are, choose your path and then stay your course.

Don't Delay! Don't Wait Until The Sheriff Is Knocking On Your Door! Pick up your phone and call us to see if you can avoid foreclosure.


Palm Beach County Short Sales Testimonial -Choose A Short Sale Expert Agent

Short sales in Florida; what is this third party lender thinking?

Here's the deal:

One of our short sale listings in Florida gets an offer on it. It is a CASH offer, NO appraisal needed, investors buying this condo with no financing contingency. We had this unit reduced and reduced until we could get showings. The 'good enough to get shown' price was $79,000.

The BPO comes in at $83,000.

Get this, the offer is $103,000! We could not believe it! This is the perfect short sale.

It sits and sits at the servicer. The BPO was done weeks ago. We get a negotiator on the file and he tells us the investor will take up to 2 weeks to give an answer! But get this, this guy does have the authority to reduce our commission. We pushed him on this issue and his answer was, tell me where you want me to send the denial letter! WHAT! I thought this guy could not negotiate without talking to the investor!

Then we get the call today. The offer is approved and we are getting the acceptance letter. All the calls are made to the appropriate parties involved that the acceptance letter is coming in. We are on a roll and the seller is relieved.

OOPS! The negotiator calls back, he spoke too fast!

The seller has PMI! The seller says she does not have PMI. The lender says he took out PMI on this note. The PMI companies love to be the deal breakers. They want the seller to sign a promissory note for $10,000.

So Nestor says, let's reduce the price of the offer and then give the 10K to the PMI company. Investor says no. WHAT! He is getting 20K over his own BPO.

He should be thanking his lucky stars for this offer and bend over backwards to make this deal work because just in case he does not realize it; if he forecloses he is going to get a LOT less than what he has been offered now. Any buyer who needs financing will not be able to buy this property above appraised value! For us now, well, we have to put our creative thinking caps on to find a solution to a problem that should not be a problem!

THINK about it Mr. Investor!

Ask yourself, why do you continually shoot yourself in your foot?

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales - Why Do They Insist On Shooting Themeselves In The Foot?*


Short Sales In Palm Beach County Florida- PMI Warning!

Short sales in Palm Beach County Florida- Private Mortgage Insurance Can Be An Obstacle.

Homeowners- You need to check to make sure you do not have PMI insurance on your mortgage and if you do please tell your agent right away. PMI companies, ( Private Mortgage Insurance) can put a BIG damper on your short sale.

The most important thing for you as a homeowner to understand is that PMI insurance is not for YOUR benefit. It is solely for the benefit of your lender. This is insurance that is put in place in case you default on your mortgage and they must foreclose on your house. The PMI company covers the loss, that is, the amount of money the house ends up selling for less your mortgage amount. So let's say that you owe $200,000 on the mortgage of your house but then the lender forecloses on you and sells the house for $100,000. That means they just lost $100,000. So the PMI company will pay the difference to the lender who held your note on your mortgage.

We have found that many homeowners think that this PMI insurance is to benefit them and it does not.

When do you have PMI insurance on your house? Your lender will require you to pay for PMI insurance if you are putting less than 20% down on the purchase of your house. But during the loose lending days, many people were offered no PMI with 80/20 loans.

When prices were skyrocketing, a lot of people had their values going up very quick and then they could get their PMI insurance removed from their loans. This saves a fee of between $70 to $120 typically per month from off your mortgage payment. You had to prove that your house had equity of 78% or more in order to get the PMI removed.

We just had a seller who had done this. So when we asked if she had PMI insurance she said no, she had it cancelled in 2005. She was under the assumption that she had no PMI since she has a receipt of the cancellation and proof of a payment from the lender of a refund to her.

What a surprise it was when we had the negotiator on her file call us and tell us the PMI company wants a note for $10,000 or a cash contribution from the deal of $5,000!

When she called the insurance company to tell them she did not have PMI insurance, she was surprisingly informed that the lender had gone and got their own PMI and paid for it themselves as the market was going down. Hmmm, and she is liable and the lender did not have to disclose any of this to her.

Now we are in a pickle; scrambling around to find this money, maybe the buyer would want to bring some cash to close, probably not. The agents have already contributed and now here we are!

So just because you think you do not have PMI, you might just have it and not know you do. Make a call to your lender to see if you do have lender's placed PMI. The PMI company is in control! They want something from the deal. Be ready with a strategic plan of action. Knowing ahead of time what your agent is going to have to work with gives them more to work with, allowing them to come up with some plan that may just get your through this short sale process.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales In Palm Beach County Florida- PMI Warning!*


Short Sales in Wellington Florida - Why Sign A Soft Note To Close

Short Sales In Wellington Florida- Why would you or should you sign a soft note to close on your short sale property?

When you are doing a short sale on your property our first goal is to get you a fully satisfied mortgage pay off reported by your lender. That is the best outcome you can hope for.

But this outcome depends on your personal situation and other parts of the process that are not within your control. The more of a true hardship you have the more apt the lender will approve your short sale without any payment from you.

Also, if you have only one loan on your property you are likely going to get a satisfied paid in full without any other considerations.

Most of the time where we see the lender requesting you as the homeowner, the seller to sign a promissory note for part of your deficiency is when you have more than one mortgage on your property and it depends on what you did with the money that you received from your second mortgage or home equity line.

Your credit is checked when you do a short sale. The lender will look at your credit report and try to determine what is going on based on your purchases and such. Here are a few real life examples of lenders asking the homeowner to sign a promissory note.

But first let me define what a promissory note is and how it fits into your short sale. This is for the state of Florida. Please review your own state laws that govern notes. I am not a lawyer and I am not giving legal advise. My thoughts here are for informational purposes only. I strongly urge you to hire an attorney to review your case.

A promissory note in the lingo of lenders is called a 'soft note'. That means you are signing a piece of paper that simply states that you promise to pay back the amount of money stated on this paper. All the notes we have had done were at zero percent interest. This note is not bound with collatoral by any real estate or your home ( if you have another home you are living in, in Florida).

Most of the time the lender only asks for a small portion of the deficiency to be paid back and the payments are very low. You need to put this in perspective to your situation. The first question you need to ask yourself is what did you do with the money that you borrowed on that second loan or equity line? Did you use it to remodel the home you lived in, to buy another home, a down payment on another home or an investment property or for some new toys?

Examples:

One seller took out a home equity line on his house during the boom of real estate when his house appraised for more than what he bought if for. He took out $80,000. He took $50,000 of that and bought a car with it. The lender saw that he bought the car around the same time he took out the loan. The lender asked him to sign a promissory note in the amount of $22,000 with zero percent interest and payments of $261 per month for 84 months.

This seller was excited about this offer by his lender. He realized this was a great deal. Let me explain why. He used $50,000 to buy a new car. He had no payments on his car aside from the mortgage payments since he put the car into his mortgage on his equity line. So here he is getting to walk away from his property that is not worth what he paid for it, he has a new car and is getting a fully satisfied paid in full mortgage reported on his credit report. So now he has to make payments on his car for $261 per month at zero percent interest! Now that is a deal he should jump on and he did.

The next seller took a second mortgage out on their home for $140,000. They used most of that money as a down payment on a new home they were building. The lender asked for a promissory note of $12,000 with payments of $150 at zero percent interest. Now this seller is living in the house he used the money to get, so he is enjoying the benefit and the lender is saying in essence, we want a portion of that money back because you are using the money for benefit. This is only fair, don't you think? That means that he just really bought his house he is living in now for $118,000 less!

The next seller took a second mortgage out to pay his wife's medical bills that were not covered by their health insurance. They are short about $95,000 and the lender wants them to pay back $2,500 on a promissory note. But we told the lender that he does not even have that extra each month to pay. This family will be homeless and therefore there is not another penny due to the ongoing issues of unemployment. The lender finally agreed to not even do any promissory note.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales in Wellington Florida - Why Sign A Soft Note To Close!*


Short Sales In Port St Lucie Florida- The Buyer Walks Away!

Short sales in Port St Lucie Florida- Today was a day that went up and went down fast and furious! A day in the life and times of short sale agents!

We have a short sale listed in Port St Lucie Florida. We had been receiving super low ball offers from investors on this house that we knew would not fall within the lender's ratios for acceptance so the seller declined those offers.

Then we had an agent we know bring us a very good offer on this house. It was going to be the best offer we could get. This was with a lender that is known for being quite aggressive with their phone collection tactics. The stress was absolutely getting to our sellers. They were afraid to answer their phone. No matter how many times they told the other side that they were doing a short sale and that they did not have any money to pay even a one month payment, the calls kept coming on a daily basis. I would consider this harassment.

Anyways, the BPO was done and the lender comes to us a few weeks ago turning down the buyer's offer. They told us what they had to net. So the buyer came up in price to meet what she felt she could carry. It was still off the mark but we gave it our best shot anyways. SO today I am on the phone with the lender and we are negotiating all kinds of things on the HUD trying to make this deal happen. Finally she feels comfortable enough to give it to her manager for an approval.

Then we get the dreaded call from the buyer's agent. Her buyer found out that her rate changed and now would need extra cash to buy down the rate which she does not have. The seller is totally broke. They are even struggling to pay their water bill and electric bill due to some hard times that fell upon them. The buyer was backing out of the deal.

Our phone rings and it is the negotiator from the lender who calls us just 5 minutes after the buyers agent calls us. The negotiator says, the deal was approved, what is your fax # so I can fax you the acceptance letter?

Those are the magic words that when we hear them we do a dance, celebrating the approval! There was no dancing this time. What timing!

SO now it is back to the drawing board. The problem is the price of the house has gone down in the market and we can not lower the price because now we know what the lender will accept.

The good news is that we can advertise this listing now at the price that the lender accepted and we can close fast! It is a great value. So for someone who needs to close fast this short sale is ready to close!

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales In Port St Lucie Florida- The Buyer Walks Away!*


Short Sales - Love Them or Hate Them- They Are Here To Stay For A While

Short Sales have become a huge part of our business these days and we project that this trend will continue for the next 3 to 5 years. Agents who learn how to move with markets will be able to carve out quite a nice niche servicing short sales like we have.

One of the biggest complaints we hear from agents is that short sales take too long to close. The average closing time we have is 45 to 60 days for short sales from the point of receiving an offer from a buyers' agent to the closing. When I first started in real estate Jimmy Carter was President and inflation was out of control, the interest rates hovered at 17% to 19%! There were no fax machines, no email, no personal computers, no cell phones, no Internet! So the deals would take anywhere from 60 to 90 days to close with conventional and VA loans took a whopping 120 days to close! FHA loans took 90 days to close. Everything had to be hand delivered or mailed through the post office. Heck, we did not even have Federal Express or UPS! We had telegrams for important stuff and Western Union! It was normal to expect closings to take a long time.

Now, here in Florida in the middle 1990's, it still took 45 to 60 days to do a conventional loan. Cash was really king because cash deals could close quickly. If you were around selling real estate in those days you will remember that there was nothing abnormal about having closings in these longer time frames.

Fast forward to the early 2000's with our real estate booming and the speedy closings, many agents got spoiled when the lenders said they could close loans in 30 days or less. Agents just getting into the business during these times did not have any other point of reference.

Now even conventional loans are taking longer to process and close as underwriters are really checking much more on the applications that come through to their desks. We waited for 3 months for a closing that was NOT a short sale and the lender gives the buyer a denial letter! So that is a deal that did not close and it was not even a short sale. It happens. That is life, that is business.

But if you still don't want to take short sale listings and don't want to learn how to service them then refer your short sales listings to us and we will pay you a referral fee upon the successful closing of the short sale. Become a hero or heroine in your sellers' eyes by referring them to expert short sale agents!

We just got another one of our short sale listings approved and after I called the buyers' agent to tell her that her buyers are the ones who got the deal, she wrote this email to us. This is the best compliment that we as agents can receive- that other agents want to do business with us! This is a great selling tool because we tell our sellers that we network with agents and that agents like to show our listings. That is huge! We keep the buyers' agents updated through out the process.

Hi Katerina,

I am so pleased on how well this is working and at the end of next week I hope to find more of your listings to show as it is a pleasure to work with someone that knows the ropes with Short Sales.

Thanks!

Helen

Thank you Helen, for your wonderful email. We appreciate it very much. We sent Helen a list of our new short sales that we just listed in her area.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sales - Love Them or Hate Them- They Are Here To Stay For A While*


Short Sale Miracle In Wellington Florida! Who Says There Is No Such Thing

Short Sale Miracles do happen and one happened here in Wellington Florida.

This story starts back in last September when we took this short sale listing. We had sent out a direct mail piece to people living in the Olympia subdivision in Wellington Florida who were listed in our county records as having foreclosure filings against them.

This wonderful woman called us over. Her listing agent did not know how to do a short sale and his broker did not want the listing if it went into short sale status so they had this listing listed way too high for the market. It was listed for almost a year with not one single showing, hmmm, why would you do that with a listing? So the broker cancelled the listing so we could take the property as a short sale listing.

Nestor does a fabulous job of pricing the properties with the market, low enough to generate offers, high enough to make the lender happy. There is an art to this more than a science. Much of what Nestor does is from the gut, he just feels it. He does his BPO backed up with comps and he is dead on nearly every single time. His expertise and gut in this part of the short sale process is a huge reason why we can close 100% of our short sale listings.

We list the house and we start getting low ball offers. We turn the offers into who else, but Countrywide, notorious for taking a long time to get through the process. There are two separate note holders on this house. Time goes on and nothing happens, the market goes down and finally an appraisal is done on the house. Then a BPO is done because with Countrywide if there is more than a $125,000 loss, they need an internal BPO done.

Then again this file just sits and we get no resolve. Well, since the offers were too low no one bothered to call us to tell us that and when we called we got the typical runaround.

Now lets fast forward to May 2008. I wrote a post begging Countrywide to help us stop the sale of this property on the courthouse steps the next day. We now had a good offer on the table. We just could not see this lady's house being lost after all the work that we were doing and all the praying that she was doing. We were doing everything in our power to stop this foreclosure. After all, the offer was well above what we had before.

This is when Nestor starts climbing the chain of command. He reaches one of the VP's of CW, who after reviewing the file and seeing the offer, counters the offer and Nestor and the buyers' agent rush to get the buyer to sign the countered price. The buyer signs the offer and CW calls the Attorney handling the sale of the property to stop the sale 5 minutes before he shuts his doors for the night. I was nervous because it was so late in the day. 

CW assures us that the sale is off and so we can proceed on with the short sale. Or so we ALL thought!

CW sends the package to the first and second note holders on this property and they turn down the offer! Even the VP at CW was in shock that these noteholders turned down the offer. Now, the market is falling not rising, time has elapsed and they should be singing that they got this offer.

So then we get another offer that is yet higher, the noteholders wanted too many stipulations and the buyer walks before we can work it out.

Now we market the house for the price the noteholders require and we get no offers. The houses around this house start selling and this one sits. We think we are getting close and then we get this phone call from our sellers that they were not allowed through the gate of their subdivision to get into their home!

We are all shocked, what possibly could have happened? You got it! I check the records on the county clerks website and see that the house was sold on the courthouse steps. Guess when it was sold! It was sold on the very day that CW had told the attorney to cancel the sale! Even Countrywide did not know that the house was sold back to the first note holder. Even the first note holder did NOT know that they owned the house because they were still negotiating with CW and us on the terms of the short sale!!!!!

I call the sellers and tell them the bad news. They are crying and praying. It was devestating. This would become the first and only short sale that we would not be able to get through. We can not always bat 100% but this is not the house for this to happen on. It took everyone by surprise. I faxed over to the negotiator and the VP, the papers I printed of what this attorney had done when he was told to cancel the sale.

I found out later that the reason the attorney did this is because on these foreclosure cases most of them are by the case not by the hour. They don't get paid until the case is finished aside from an upfront fee. So the attorney was acting in his own best interest and no one elses including CW who was his client!

But wait, there is another miracle! A week after I send CW all these documents, the sellers get a notice in the mail from the court that their foreclosure sale had been vacated and made null and void.

Hurry, get that listing resigned and back on the MLS pronto! Time to get out those hoops and start jumping!

This is truly a miracle as well as an act of integrity from Countrywide. They went out of their way to get this attorney to undo what he had done. I wish they would fire him, but that's another post another time.

I commend Countrywide's management for fulfilling their word to us and we will get this short sale finally done, a year later! The sellers pray a lot and know that God created yet another of his many miracles.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, LLC Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

Copyright © 2017 By Katerina Gasset, All Rights Reserved. *Short Sale Miracle In Wellington Florida! Who Says There Is No Such Thing*


Short Sales In Florida - An Open Letter To Note Holders of Real Estate

Short Sales In Florida - An Open Letter To Note Holders of Real Estate In Florida

Short Sales In Florida- This is an open letter to Note Holders of Real Estate in Florida. The comments that are added below are from others who have something to say to you note holders as well. Agents- please leave your comments below for the note holders.

I have no idea if anyone with any clout in your companies is going to read this post but we hope that at least one of you will and that you really begin to take into consideration what we in the trenches are reporting to you.

We do a lot of short sales and work with a lot of lenders and note holders. 90% of the lenders we are dealing with are reasonable and try to understand the market somewhat.

Get off your high horses and come on down here, behind each one of those pieces of paper you bought called notes is a live person with a family and if they are seeking a short sale they have a hardship that is real and can be touched. We implore you to not only take responsibility but to also act responsibly.

Yesterday, a servicer told us about your acceptance of a short sale for one of our homeowners with conditions.

Your conditions are so out of reach that I am not sure what planet you are living on.

Our sellers have a hardship. They can no longer pay their payment and are trying to avoid foreclosure. You are agreeing to a short sale with a full deficiency and requiring the sellers to bring money to closing? What sense does that make?

If you foreclose on this property you will get your deficiency judgement. Perhaps you don't know collection laws in the state of Florida. You can not attach your deficiency to their primary residence but that does not matter because they no longer will have a primary residence.

All you are gaining from a deficiency is the ability to ruin their credit and keep them from getting any credit cards or buying a house. Well, that is a poor card to play when the homeowner is already broke.

You want them to bring $3,500 to closing to to add to the $3000 that the first noteholder is giving you? You are lucky to even get the $3000. If the first noteholder forecloses on the property than you are left with nothing but the deficiency. You can see their bank statements right in front of you. Where do you see this $3,500 coming from? It is just not there!

Why should the homeowner go through all this long drawn out process to do a short sale when they are coming out of it no better off than if you foreclose?

This short sale situation is about cooperation. You are not bringing anything to the table. Everyone else is working on this with reason. You are the one holding up the sale. You are the one that is being unreasonable.

You really need to go back and rethink your criteria in accepting short sales. If you are buying seconds all over the place then you should study each state's laws before you buy notes in a state like Florida.

Your tactics only force homeowners into bankruptcy. With a bankruptcy they won't have to bring the $3,500 to closing which they don't have, your deficiency will get wiped clean in the bankruptcy and then we can go direct to the first note holder and do the short sale with the first note holder and you will get nada, zero, zippety squat!

Hmmm, that solution to your problem is looking pretty good right about now!


Short Sale Success In Port St Lucie Florida! Contract To Close in less than 60 days!

Short Sale Success In Port St Lucie Florida- Just Closed! In 60 days from Contract to Close!

The seller owned several other properties in Florida. This was an investment property. He was upside down in all of his properties and the rents were not covering the mortgage payments as the payments began to adjust. We were able to negotiate a fully satisfied mortgage being reported as paid in full. No deficiency, no promissory note and no seller cash to close.

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Katerina & Nestor Gasset, Realtors in Palm Beach County

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We are real people behind this website. If you need help finding something on this website, just give us a call, we will show you how to navigate around the website : 561-753-0135.  We are here to help you sell your house in the South Florida areas including Port St Lucie, Wellington, Loxahatchee, Palm Beach, Royal Palm Beach, Lake Worth, Boynton Beach, Delray Beach and all the surrounding areas. 

Nestor Gasset and Katerina Gasset - Licensed Real Estate Agents - International Properties & Investments LLC - 1021 Cherry Lane, Wellington, FL 33414

Florida Short Sale Agents